Flutterwave Enables Digital Payments For Dangote Refinery IPO

Flutterwave has announced that it is providing digital payment infrastructure to enable Nigerians in the country and abroad to participate in the initial public offering of Dangote Petroleum Refinery and Petrochemicals.

The payments technology company said the service would allow retail and diaspora investors to fund their share subscriptions through Chapel Hill Denham’s subscription platform.

The Dangote Refinery IPO offers investors the opportunity to purchase shares in the company, with a minimum subscription of 10 shares at N525 per share, amounting to N5,250.

Flutterwave said investors would be able to complete their payments in naira through its digital payment channels without necessarily having an existing Flutterwave account.

Existing Flutterwave for Business and Send App users can access the subscription process through their accounts, while investors can also use Owo by Mono on WhatsApp to complete their payments.

The company said investors without existing bank accounts would be provided with Flutterwave Microfinance Bank accounts to enable them to fund their share subscriptions.

According to Flutterwave, investors can also subscribe for shares on behalf of minors, allowing parents and guardians to invest for their children.

The company said subscription payments would be processed through Chapel Hill Denham, while shares allotted to successful investors would be registered in their names with the Central Securities Clearing System.

It, however, stated that payment for shares does not guarantee full allocation, adding that subscriptions would be processed in line with the terms of the offer and funds for unallocated shares would be refunded.

Flutterwave said its role in the offer was as a receiving agent, while the Dangote Refinery IPO is regulated by the Securities and Exchange Commission.

The company said its involvement builds on its experience facilitating payments for public offerings in Nigeria, including MTN Nigeria’s public offering in 2021.

Flutterwave Founder and Chief Executive Officer, Olugbenga GB Agboola, said the company’s role was to make participation in the IPO more accessible to investors regardless of their location or preferred payment channel.

The Dangote Refinery has a refining capacity of 650,000 barrels per day and is positioned as a major component of Nigeria’s efforts to expand domestic refining capacity and reduce dependence on imported petroleum products.