Flutterwave, Africa’s leading payments technology company, is enabling Nigerians at home and abroad to participate in the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, providing digital payment infrastructure for retail and diaspora investors to fund their share subscriptions.
Flutterwave’s role in facilitating access to the Dangote IPO builds on its experience supporting public offerings in Nigeria, including facilitating payments for MTN Nigeria’s public offering in 2021. The experience highlights Flutterwave’s role in using digital payment infrastructure to make participation in public offerings more accessible to investors.
The Dangote IPO allows investors to purchase shares in Dangote Petroleum Refinery and Petrochemicals. With a refining capacity of 650,000 barrels per day, the Dangote Refinery is the world’s largest single-train refinery. The refinery is part of ongoing efforts to expand domestic refining capacity and reduce reliance on imported petroleum products, while offering investors an opportunity to participate in the offer.
Through Flutterwave’s payments infrastructure, investors can digitally fund their share subscriptions through Chapel Hill Denham’s subscription platform, with a minimum subscription of 10 shares at ₦525 per share (₦5,250), while also providing a seamless payment experience through familiar digital channels. Investors can also subscribe for shares on behalf of minors, allowing parents and guardians to invest for their children.
Eligible investors can access the investment experience online, including Nigerians who do not already use Flutterwave’s platforms. New users can access the share subscription journey through Flutterwave’s web-based digital payment infrastructure and complete their payment without needing an existing Flutterwave account.
Existing Flutterwave for Business (F4B) and Send App users can access the experience directly through their accounts, making it easier to complete their share subscription through platforms they already use. Investors can also access the share subscription experience through Owo by Mono on WhatsApp, enabling them to complete their investment in just a few taps.
Investors without an existing bank account will also be provided with a Flutterwave Microfinance Bank (MFB) account to fund their share subscriptions, further expanding access to the offering.
The process is designed to be straightforward: investors access the offering, select the number of shares they wish to subscribe for, and complete payment in Nigerian Naira through Flutterwave. Their subscription is then processed through Chapel Hill Denham, with shares allotted to successful investors registered in their own name with the Central Securities Clearing System (CSCS).
Payment does not guarantee full allocation, as subscriptions are processed in line with the terms of the offer, with investors receiving a refund for any unallocated funds. The offering is regulated by the Securities and Exchange Commission (SEC), with Flutterwave acting as a licensed receiving agent.subscription funds are appropriately safeguarded. .
These safeguards are designed to provide investors with greater clarity around how their funds and share subscriptions are handled, particularly for Nigerians participating in the capital markets for the first time.
“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,” said Olugbenga GB Agboola, Founder and CEO of Flutterwave.
“Our role is to make participation as accessible and seamless as possible, regardless of where an investor is located or which payment channel they prefer. We’re helping make it easier for more Nigerians to participate in an important moment for the country’s capital markets.”
This reflects the growing role of digital payments in making Nigeria’s capital markets more accessible to retail investors. As more investment opportunities become available to everyday Nigerians, Flutterwave is helping make participation easier through simple and secure digital payment experiences, enabling more people to invest in the growth of the country’s economy.
Disclaimer:
Flutterwave acts solely as a Receiving Agent for the Dangote Refinery Initial Public Offering, in partnership with SEC-licensed stockbrokers. Flutterwave does not provide investment advice, stockbroking services, or hold investors’ shares. Investing in shares involves risk. Share values may rise or fall, and investors may lose some or all of their investment. Past performance does not guarantee future return.
