Dangote Petroleum Refinery and Petrochemicals FZE has taken a decisive step to guard against fraud ahead of its keenly anticipated public share offer, releasing an official list of 32 approved subscription channels through which Nigerian investors can buy into the company.
The list, published on the refinery’s official IPO website, spans the banking, financial technology, and telecommunications sectors and includes the Nigerian Exchange’s own investment platform, NGX Invest.
It is the clearest signal yet that the downstream giant, Africa’s largest single-train refinery, is moving into the execution phase of a long-anticipated plan to open its ownership to retail and institutional investors.
In blunt language aimed squarely at protecting the investing public from scams, the company cautioned that only the channels named on its website should be trusted with subscription funds.
“Only subscribe through the channels listed on this page. Do not subscribe through any channel not confirmed here,” the company said in the notice accompanying the list.
The warning is a familiar refrain in Nigeria’s capital market, where high-profile public offers have historically attracted opportunistic fraudsters posing as agents or intermediaries.
By centralizing the list of legitimate partners on one verifiable web page, Dangote Refinery appears intent on closing that loophole before the offer window opens.
According to the company, the approved network is made up of 19 deposit money banks, 10 fintech platforms, two mobile money operators, and NGX Invest, giving prospective investors a wide spread of options, from traditional banking halls to app-based mobile subscriptions.
Banks (19)
- Access Bank
- Ecobank
- FCMB
- Fidelity Bank
- FirstBank
- Globus Bank
- GTCO
- Jaiz Bank
- Keystone Bank
- Lotus Bank
- PremiumTrust Bank
- Providus Bank
- Stanbic IBTC
- Sterling Bank
- TAJ Bank
- UBA
- Union Bank
- Wema Bank
- Zenith Bank
Fintechs (10)
- Bamboo
- Flutterwave
- InvestNaija
- Ladder
- Moniepoint
- Paga
- Payaza
- PiggyVest
- Vetiva Invest
- we.yan
Mobile Operators (2)
- Airtel SmartCash
- MTN MoMo
Exchange Platform
- NGX Invest
Ahead of the formal opening of the offer, the refinery’s website is already displaying key terms that investors will need to plan around. Shares are priced at ₦525 apiece, with a minimum subscription pegged at 10 shares, putting the entry threshold for participation at ₦5,250.
That relatively low minimum appears designed to widen access beyond institutional players and high-net-worth individuals, drawing in everyday retail investors who can now subscribe through mobile money wallets and fintech apps as easily as through a bank branch.
The public offer forms part of Dangote Refinery’s broader strategy to raise capital directly from the Nigerian investing public through the sale of ordinary shares, a move that would deepen local ownership of one of the country’s most consequential industrial assets and give retail investors a direct stake in its performance.
With the channel list now published and offer terms taking shape on the company’s platform, attention will turn to the formal opening date of the offer and to how Nigeria’s banks, fintechs, and telecom-linked payment platforms mobilize to bring investors on board, all while regulators and the company itself keep a wary eye out for impostors seeking to exploit the offer’s high public profile.
WHAT YOU SHOULD KNOW
Dangote Refinery has published an official list of 32 approved channels, 19 banks, 10 fintechs, 2 mobile operators, and NGX Invest, through which investors can subscribe to its public share offer, priced at ₦525 per share with a ₦5,250 minimum.
Only subscribe through a channel on that official list; anything else risks falling victim to fraud.
