Dangote Refinery IPO: Flutterwave Opens Digital Payment Access for Nigerian, Diaspora Investors

Flutterwave has announced that it is providing digital payment infrastructure to help Nigerians in the country and abroad participate in the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO).

The payments technology company said its infrastructure will allow retail and diaspora investors to fund their share subscriptions digitally through Chapel Hill Denham’s subscription platform.

The Dangote Refinery IPO offers investors the opportunity to buy shares in the 650,000-barrel-per-day refinery, described as the world’s largest single-train refinery. The offering comes as Nigeria seeks to expand domestic refining capacity and reduce dependence on imported petroleum products.

Investors can subscribe for a minimum of 10 shares at ₦525 per share, putting the minimum subscription at ₦5,250. Parents and guardians can also subscribe for shares on behalf of minors.

Flutterwave said investors do not need an existing Flutterwave account to access the subscription process. New users can use its web-based payment infrastructure, while existing Flutterwave for Business and Send App users can access the service through their accounts.

The company also said investors can access the subscription experience through Owo by Mono on WhatsApp. Those without an existing bank account may be provided with a Flutterwave Microfinance Bank account to fund their subscriptions.

Under the process, investors select the number of shares they want and make payment in naira through Flutterwave. Chapel Hill Denham then processes the subscription, while shares allotted to successful investors are registered in their names with the Central Securities Clearing System (CSCS).

Flutterwave stressed that payment does not guarantee full allocation, as subscriptions will be handled according to the terms of the offer. Investors will receive refunds for any funds relating to shares that are not allocated. The company said the offer is regulated by the Securities and Exchange Commission (SEC), with Flutterwave acting as a licensed receiving agent.

Flutterwave founder and CEO, Olugbenga GB Agboola, said the company’s role was to make participation in the IPO easier for ordinary Nigerians, regardless of their location or preferred payment channel.

“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,” Agboola said.

“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.”

Flutterwave said its involvement builds on its experience supporting public offerings in Nigeria, including payment facilitation for MTN Nigeria’s public offering in 2021.

The company, however, clarified that it is acting solely as a receiving agent and does not provide investment advice or stockbroking services. It also does not hold investors’ shares, while investors remain exposed to the normal risks associated with investing in shares, including the possibility of losing some or all of their investment.