Flutterwave, Africa’s leading payments technology company, is enabling Nigerians at home and abroad to digitally fund their share subscriptions in the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Building on Public Offering Experience
The company’s involvement builds on its track record supporting public offerings in Nigeria, including its work facilitating payments for MTN Nigeria’s public offering in 2021.
The Dangote IPO gives investors the chance to buy into Dangote Petroleum Refinery and Petrochemicals, which operates a 650,000-barrel-per-day facility — the world’s largest single-train refinery. The offering ties into broader efforts to grow Nigeria’s domestic refining capacity and cut down on imported petroleum products.
How the Subscription Process Works
Through Flutterwave’s payment infrastructure, investors can fund their share subscriptions via Chapel Hill Denham’s subscription platform. The minimum subscription is 10 shares at ₦525 per share, totaling ₦5,250. Parents and guardians can also subscribe on behalf of minors.
Access isn’t limited to existing Flutterwave users. New investors can complete their share subscription through Flutterwave’s web-based payment infrastructure without needing a Flutterwave account. Those who already use Flutterwave for Business (F4B) or Send App can subscribe directly from their existing accounts, while others can invest through Owo by Mono on WhatsApp in just a few taps.
Investors without a bank account will be issued a Flutterwave Microfinance Bank (MFB) account to fund their subscriptions — a measure aimed at widening access to the offer.
Simple Steps, Regulated Process
The subscription process follows three basic steps: investors access the offering, select how many shares they want, and complete payment in naira through Flutterwave. Subscriptions are then processed through Chapel Hill Denham, with shares allotted to successful investors and registered in their names with the Central Securities Clearing System (CSCS).
Payment does not guarantee full allocation — subscriptions are processed according to the terms of the offer, and investors will be refunded for any unallocated funds.
The offering is regulated by the Securities and Exchange Commission (SEC), with Flutterwave serving as a licensed receiving agent. These safeguards are meant to give investors — especially first-time participants in Nigeria’s capital markets — more clarity on how their funds and subscriptions are handled.
Widening Access to Nigeria’s Capital Markets
“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.”
The initiative underscores the growing role digital payments play in expanding access to Nigeria’s capital markets, as Flutterwave continues to position itself as a bridge between everyday Nigerians and investment opportunities in the country’s economy.
