Omanghana
Dangote Petroleum Refinery has approved 40 official subscription channels to make it easier for retail and diaspora investors to participate in its Initial Public Offering.
The ₦2.15 trillion public offer comprises 4.1 billion ordinary shares priced at ₦525 each. Investors can subscribe for a minimum of 10 shares, requiring an initial investment of ₦5,250.
The approved outlets include 20 commercial banks, 17 financial technology and wealth-management platforms, two mobile money operators and the Nigerian Exchange Group’s digital primary-market portal.
Investors can submit applications through the physical branches, online portals or mobile applications of 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, VFD Bank, Wema Bank and Zenith Bank.
The 17 approved financial technology and wealth-management platforms are Bamboo, CardinalStone, Coronation Wealth, Cowrywise, Flutterwave, InvestNaija, InvestNow by United Capital, Ladder, Meritrade, Moniepoint, Paga, Payaza, PiggyVest, Remita, Revve, Vetiva Invest and ZedCrest.
Airtel SmartCash and MTN MoMo have also been authorised to accept subscriptions, while investors can apply directly through NGX Invest, the Nigerian Exchange Group’s digital platform for primary-market transactions.
Dangote Refinery published the approved directory on its official website as part of efforts to protect investors from fraudulent agents and unauthorised intermediaries. Prospective shareholders have been advised to make payments only through the listed channels.
Shares allocated to successful applicants will be recorded electronically in their Central Securities Clearing System accounts. Some participating platforms, including Flutterwave, can provide temporary arrangements to help first-time or unbanked investors complete the necessary CSCS registration process.
Submitting payment through an approved outlet constitutes an application for shares but does not guarantee that an investor will receive the entire quantity requested. Final allocation will depend on the number of applications received and the availability of shares, particularly if the offer is oversubscribed.
The broad network of banks, digital investment platforms and mobile money providers is expected to expand access to the offering and encourage participation from Nigerians at home and abroad.
Source: Omanghana
