When subscriptions for the Dangote Petroleum Refinery and Petrochemicals public offer open on September 14, the shares will be available through the usual cast of Nigerian banks and stockbroking firms.
They will also be available through ten financial technology companies, a category that had no formal role in Nigerian primary market distribution three years ago.
The offer is the largest in the country’s history. Some 4.1 billion ordinary shares are on sale at ₦525 each, a raise of roughly ₦2.15 trillion if fully subscribed. The minimum subscription is ten shares, or ₦5,250.
For most of the history of the Nigerian capital market, they could not. Subscribing to a public offer meant a relationship with a stockbroking firm, a physical form, and a working knowledge of an ecosystem that was never explained to most people. The constraint was rarely the money. It was the distribution.
The approved schedule for this offer changes that arithmetic, and the fintech cohort is where the change is most visible. This means that a public offer can now be distributed by any platform with reach, provided it plugs into a licensed intermediary.
Here are 10 Fintechs you can get the Dangote IPO offer starting September 14th.
1. Remita (Remita Payment Services Limited): A Nigerian payments platform serving individuals, businesses, financial institutions and government agencies, with subscriptions completed inside its mobile app.
2. Flutterwave (Flutterwave Technology Solutions Limited): One of Africa’s largest payments companies, providing payment infrastructure to businesses across the continent.
3. Ladder (Ladder Technology Systems Limited): A Ghanaian AI-Investment personal finance app built around goal-based saving, expense tracking and investing through partners.
4. Paga (Pagatech Limited): A Nigerian payments company built around a consumer wallet and a nationwide agent network.
5. PiggyVest (Piggytech Global Limited): A Nigerian savings and investment platform with one of the largest retail user bases in the market.
6. we.yan (we.yan Nigeria Limited): A Nigerian mobile wallet and lifestyle app that combines encrypted messaging, payments, shopping and merchant tools in a single application.
7. Revve (Linearsend Inc.): A Canada-based remittance platform with a peer-to-peer currency marketplace allowing senders to set their own exchange rate.
8. Bamboo (Bamboo Systems Technology Limited): A Nigerian investment platform offering retail access to Nigerian and US-listed equities.
9. Paystro (Paystro UK Limited): A United Kingdom international payments company whose consumer app is built around sending money to Africa.
10. Payaza (Payaza Africa Limited): A pan-African payments company providing payment infrastructure to businesses across the continent.
