Dangote Refinery IPO: Why diaspora Nigerians are still struggling to invest – Zinnc CEO

Dangote Refinery's N2.15 trillion initial public offering (IPO), Africa's largest, has seen heavy retail demand, straining digital investment platforms. However, some Nigerians living abroad now face difficulties participating in the offer, according to Chidozie David Okonkwo, CEO of Zinnc, a platform connecting diaspora investors to Nigeria's regulated capital market.

Okonkwo revealed that investors from the UK, US, and Canada have shown strong interest in the Dangote Refinery IPO, but many have encountered hurdles during identity and address verification. These requirements are primarily based on Nigerian documents and addresses, which many second-generation Nigerians do not possess, such as foreign passports, addresses, and bank accounts.

Okonkwo explained that while the documentation problem is real, it stems from a deeper issue of trust. During a meeting with young diaspora professionals in London, the verification barrier was repeatedly mentioned, hinting at this underlying issue. He noted that the $22.8 billion remitted by Nigerians to Nigeria in 2025 alone demonstrates the appetite for investment, but the difficulty lies in translating that interest into actual ownership rather than mere remittance.

The SEC and NGX have set the current identity and address requirements, which work well for residents of Nigeria but create obstacles for Nigerians in the diaspora. Okonkwo believes the solution requires a first principles approach, rather than focusing on the defensive measures taken by regulators and the exchange. He stated that establishing identity and address verification through foreign passports and equivalent documentation could enable diaspora investors to participate in the Dangote Refinery IPO and other investment opportunities in Nigeria.