…Investors can subscribe through bank apps, fintech platforms and POS terminals, says Vetiva Capital CEO
The Dangote Petroleum Refinery Initial Public Offering (IPO) will be Nigeria’s first public share offer that allows retail investors to subscribe entirely through digital channels, according to Chuka Eseka, Chief Executive Officer of Vetiva Capital Management Limited.
Speaking at the IPO signing ceremony on Monday, Eseka said the digital-first model was intentionally designed to give millions of Nigerians seamless access to the landmark share sale, regardless of their location.
He added that, once listed, Dangote Petroleum Refinery is expected to become the largest single company on the Nigerian Exchange (NGX), making the offer one of the most significant capital market transactions in the country’s history.
Eseka said Nigerians will be able to purchase shares through multiple channels, including commercial bank mobile apps, fintech applications and POS terminals. “This will be the first offer in Nigeria that retail investors will truly have to subscribe digitally, utilising a wide array of platforms,” he said.
He explained that the subscription feature would be integrated directly into banking applications. “As you open your bank apps to transfer money, you will see an option to subscribe for Dangote Refinery shares.”
The same option, he noted, will also be available across participating digital finance platforms, significantly expanding access beyond traditional stockbroking channels.
Eseka praised Chapel Hill Denham, the joint issuing house, for developing the digital distribution infrastructure behind the IPO, describing it as a breakthrough for the Nigerian capital market. “The transaction will rewrite standards on how we document and structure capital market transactions in Nigeria. More importantly, it will redefine how we distribute capital market transactions.”
He said the digital architecture aligns with Aliko Dangote’s vision of creating “an IPO for the people,” enabling broad-based participation by ordinary Nigerians.
According to him, the country’s capital market infrastructure is capable of supporting millions of digital subscriptions without compromising efficiency.
The IPO allows retail investors to enter with a minimum subscription of 10 ordinary shares priced at ₦525 each, bringing the minimum investment to ₦5,250.
The offer comprises 4.1 billion ordinary shares at ₦525 per share, with Dangote Refinery seeking to raise ₦2.15 trillion to finance expansion projects.
Dangote had earlier said the offering is designed not only to raise capital but also to give Nigerians the opportunity to own a stake in one of Africa’s largest industrial assets.
The signing ceremony follows the Securities and Exchange Commission’s (SEC) approval of the IPO, paving the way for what is expected to be Africa’s largest-ever public share offering.
The SEC also registered 120.13 billion existing ordinary shares in the refinery, implying a valuation of about $47 billion, based on Reuters’ estimates.
Located on the outskirts of Lagos, the 650,000-barrel-per-day Dangote Refinery was built at an estimated cost of $20 billion and has rapidly emerged as a major supplier of refined petroleum products in Nigeria while expanding exports across Africa and Europe.
