Moniepoint, TeamApt Open Dangote Refinery IPO to Retail Investors
Nume Ekeghe Moniepoint Microfinance Bank and TeamApt Limited. have expanded access to the Initial Public Offering (IPO) of Dangote Petroleum Refinery, allowing Nigerians to subscribe through Moniepoint’s mobile banking platforms
Moniepoint Microfinance Bank and TeamApt Limited have collaborated to broaden access to the Initial Public Offering (IPO) of Dangote Petroleum Refinery for Nigerian retail investors. The partnership enables customers to apply for shares through Moniepoint's mobile banking systems and Point-of-Sale (POS) terminals across Nigeria.
Shares of Dangote Petroleum Refinery are priced at n525, with eligible investors allowed to buy between 10 and 500 shares per transaction. Babatunde Olofin, Moniepoint's Managing Director & CEO, stated that this move aligns with the bank's goal of widening financial access. Olofin emphasized that the IPO provides an opportunity for Nigerians to grow their wealth, and Moniepoint's POS network makes these investment opportunities more accessible to everyday people like market traders, artisans, and first-time investors.
Dennis Ajalie, TeamApt Limited's Managing Director & CEO, added that the company has been developing infrastructure to support Nigeria's finance sector, and this collaboration demonstrates the purpose of those efforts. TeamApt's technology connects a significant capital-market opportunity to a vast distribution network, enabling retail investors to participate in the IPO using familiar channels.
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