Dangote Refinery Approves 32 Platforms for Share Subscription

Olufemi Adeyemi Investors can buy shares through 19 banks, 10 fintechs, two mobile operators and NGX Invest Dangote Petroleum Refinery and Petrochemicals FZE has approved 32 banks, fintech companies, mobile-money operators and other investment platforms through which members of the public will be able to subscribe for its shares when its public offer opens. The approved channels, published on the refinery’s official initial public offering (IPO) website, are intended to provide investors with authorised avenues for participating in the offer and purchasing shares in the company. The refinery also issued a warning to prospective investors, urging them to use only the platforms officially listed on its IPO website and to be wary of unauthorised channels that may seek to exploit the share offer. The company said, “Only subscribe through the channels listed on this page. Do not subscribe through any channel not confirmed here.” The approved list consists of 19 commercial and investment banks, 10 fintech companies, two mobile operators and NGX Invest, the investment platform of the Nigerian Exchange. Approved banks The 19 banks authorised to facilitate subscriptions are Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus Bank, Stanbic IBTC, Sterling Bank, TAJ Bank, UBA, Union Bank, Wema Bank and Zenith Bank. Fintech platforms Ten fintech and investment platforms also received approval. They are Bamboo, Flutterwave, InvestNaija, Ladder, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest and we.yan. Investors can also subscribe through Airtel SmartCash and MTN MoMo, which are the two mobile operators included on the approved list. NGX Invest, the investment platform of the Nigerian Exchange, is also listed as an authorised channel for the offer. Offer price set at ₦525 per share The refinery’s website currently puts the offer price at ₦525 per share , with a minimum subscription requirement of 10 shares. At the minimum threshold, an investor would therefore need ₦5,250 to participate in the offer. The public offer forms part of Dangote Refinery’s broader plan to raise capital from Nigerian investors through the sale of ordinary shares in the company. The share offer provides members of the investing public with an opportunity to take an ownership position in one of Nigeria’s most significant industrial projects, while the company seeks to deepen local participation in the refinery’s ownership. The refinery’s insistence on using only approved subscription channels also underscores the importance of investor verification as the offer process gets underway. Prospective investors are therefore expected to confirm that their preferred bank, fintech platform, mobile-money service or NGX Invest is among the channels published by the company before committing funds to the offer. The company’s warning comes amid the growing use of digital platforms for investment transactions, making it particularly important for investors to distinguish between authorised subscription channels and potentially fraudulent platforms. For investors seeking to participate, the approved list currently comprises: Banks: Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus Bank, Stanbic IBTC, Sterling Bank, TAJ Bank, UBA, Union Bank, Wema Bank and Zenith Bank. Fintechs: Bamboo, Flutterwave, InvestNaija, Ladder, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest and we.yan. Mobile operators: Airtel SmartCash and MTN MoMo. NGX: NGX Invest.