Flutterwave opens digital payment channel for Dangote Refinery IPO
Flutterwave has announced that it is providing digital payment infrastructure to enable Nigerians at home and abroad to participate in the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The payments technology company said retail and diaspora investors can fund their share subscriptions digitally through Chapel Hill Denham’s subscription platform, building on its experience facilitating payments for MTN Nigeria’s public offering in 2021.
“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. 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,” Flutterwave founder and Chief Executive Officer, Olugbenga GB Agboola, said in a statement.
The Dangote Refinery IPO offers investors an opportunity to acquire shares in Dangote Petroleum Refinery and Petrochemicals, which operates the 650,000-barrel-per-day Dangote Refinery, described as the world’s largest single-train refinery.
Under the arrangement, investors can subscribe for a minimum of 10 shares at ₦525 per share, representing an initial investment of ₦5,250. Parents and guardians can also subscribe for shares on behalf of minors.
In addition, eligible investors can access the subscription process online without an existing Flutterwave account, while existing Flutterwave for Business and Send App users can access the service through their accounts. Investors can also use Owo by Mono on WhatsApp.
The company added that investors without bank accounts would be provided with a Flutterwave Microfinance Bank account to fund their subscriptions. Payments will be processed through Chapel Hill Denham, with shares allotted to successful investors registered in their names with the Central Securities Clearing System.
However, Flutterwave said payment does not guarantee full allocation, as subscriptions will be processed in line with the terms of the offer, with investors receiving refunds for any unallocated funds. The offer is regulated by the Securities and Exchange Commission, while Flutterwave is acting as a licensed receiving agent.
