Dangote Refinery IPO: WayvePay Withdraws Promotional Materials After SEC Warning
Kaode Tokede Following the Securities & Exchange Commission (SEC) warning to the investing public , Wayve Microfinance Bank Limited, yesterday said it has withdrawn the relevant promotional materials and
The Securities & Exchange Commission (SEC) issued a warning to the investing public regarding Wayve Microfinance Bank Limited's involvement in the IPO of Dangote Petroleum Refinery. WayveMicrofinance Bank Limited has withdrawn promotional materials and removed a link from its mobile application related to the IPO. The SEC had warned that WayvePay, the platform in question, is not registered to offer capital-market investment services.
WayvePay responded by stating that it takes the SEC's warning seriously and is committed to working with regulatory authorities to address the issues. Wayve Microfinance Bank clarified that it is a licensed financial institution, with deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). The bank clarified that its involvement in the IPO was through a partnership with Coronation Securities, and the subscription funds were directed to Coronation Securities, not Wayve Microfinance Bank.
Since the promotional materials were published, no investors have subscribed for shares in the IPO through the WayvePay platform. The bank stated that it will continue to cooperate with the SEC and respond to the issues raised.
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