Investors looking to buy shares in Dangote Refinery can now access the company’s initial public offering through 40 approved banks, fintech companies and mobile operators, giving investors multiple channels to participate in the landmark listing.
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- Dangote Petroleum Refinery has approved 40 official channels through which investors can buy shares in its upcoming IPO.
- The company published a verified list of authorized platforms on its portal to protect investors from unverified intermediaries.
- Shares are being offered at ₦525 each, with a minimum purchase of 10 shares (₦5,250).
- Flutterwave enables Nigerians both at home and abroad to participate digitally, even for those without a current bank account.
The approved channels consist of 20 commercial banks, 17 financial technology firms, two mobile network operators, and NGX Invest.
To safeguard buyers against unverified intermediaries, the company published the verified directory directly on its official portal.
To ensure security across all transactions, the company issued a clear advisory stating that interested investors should“Only subscribe through the channels listed on this page.The statement added”Do not subscribe through any channel not confirmed here”
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Financial details released on the portal establish the offer price at ₦525 per share, requiring a minimum purchase of 10 shares valued at ₦5,250.
The 20 approved commercial banks authorized for share subscriptions are Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus Unity, Stanbic IBTC, Sterling Bank, TAJ Bank, UBA, Union Bank, VFD, Wema Bank, and Zenith Bank.
List of approved banks for buying Dangote Refinery IPO sharesGoogle
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Additionally, participating investors can subscribe using 17 financial technology platforms, which include Bamboo, CardinalStone, Coronation Wealth, Cowrywise, Flutterwave, InvestNaija, InvestNow, Ladder, Meritrade, Moniepoint, Paga, Payaza, PiggyVest, Revve, Vetiva Invest, we.yan, and ZedCrest.
Rounding out the complete list of 40 approved channels are two mobile network operators, Airtel SmartCash and MTN MoMo, alongside the capital market platform NGX Invest.
Few days ago David Bird, chief executive officer of the Dangote refinery told Reuters that“The intent is very much the people’s IPO, drive wide participation, enable Nigerians and the Nigerian diaspora, and Africans more broadly, the opportunity to participate in this wealth creation that comes from such an iconic industrial asset, like the Dangote refinery,”
In a new press release sent to Business Insider Africa by Flutterwave, the payments technology company said it is enabling Nigerians at home and abroad to participate in the initial public offering of Dangote Petroleum Refinery and Petrochemicals.
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Flutterwave said its payment infrastructure will allow retail and diaspora investors to fund their share subscriptions digitally through Chapel Hill Denham’s subscription platform.
The company said Nigerians who do not already use Flutterwave can also access the share subscription process through its web-based payment infrastructure.
Existing Flutterwave for Business and Send App users can access the experience through their accounts, while investors can also use Owo by Mono on WhatsApp to complete the process.
Flutterwave said investors without an existing bank account will also be provided with a Flutterwave Microfinance Bank account to fund their share subscriptions.
Once processed, shares allotted to successful investors will be registered in their names with the Central Securities Clearing System (CSCS).
The company stressed that making a payment does not guarantee that an investor will receive the full number of shares requested. Any funds relating to unallocated shares will be refunded in line with the terms of the offer.
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In a concluding statement for the press release, Olugbenga GB Agboola, Founder and CEO of Flutterwave said that “This IPO is an opportunity for everyday Nigerians to own a stake in a significant infrastructure project that is shaping the country’s industrial future.”
It is worth noting that the Dangote Group maintains an official website, dubbed “The IPO for the People,” for the public offer of Dangote Petroleum Refinery and Petrochemicals FZE.
