10 Fintechs approved for sale of Dangote Refinery IPO shares
When subscriptions for the Dangote Petroleum Refinery and Petrochemicals public offer open on September 14, the shares will be available through the usual cast of Nigerian banks and stockbroking firms. They will also be available through ten financial technology companies, a category that had no formal role in Nigerian primary market distribution three years ago. The […] 10 Fintechs approved for…
The Dangote Petroleum Refinery and Petrochemicals public offering opened for subscriptions on September 14. Shares will be available through Nigerian banks, stockbroking firms, and ten fintech companies, marking the first time fintechs had a formal role in primary market distribution. The issuance is the largest in Nigeria's history, totaling 4.1 billion ordinary shares at ₦525 each.
If fully subscribed, the offering would raise approximately ₦2.15 trillion. The minimum subscription is ten shares, valued at ₦5,250. The approval changes the distribution landscape, allowing fintech platforms with reach to distribute public offers as long as they are linked to a licensed intermediary. Here are the ten fintech companies approved to sell Dangote IPO shares starting September 14: Remita, Flutterwave, Ladder, Paga, PiggyVest, we.yan, Revve, Bamboo, Paystro, and Payaza.
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