Investment platform Bamboo confirmed technical difficulties with its app today as Nigeria’s biggest initial public offering to date, the Dangote Petroleum Refinery and Petrochemicals listing, opened for subscriptions.
The company said unexpectedly high investor traffic had strained the platform and that a fix was underway.
Demand for the offer, widely described as the continent’s largest IPO, overwhelmed the app less than an hour after the subscription window opened, according to Bloomberg.
Users trying to log in or complete applications reported the app running slow, failing to load, or becoming completely inaccessible, and similar complaints surfaced on other Nigerian digital investment platforms handling the offer, suggesting the strain wasn’t isolated to Bamboo alone.
The disruption comes despite weeks of preparation. Bamboo had spent the run-up to the listing publishing guidance on how investors could apply through the platform and promoting zero commissions on the offer, while urging customers to get their accounts ready ahead of time.
That groundwork appears to have paid off in one respect: it clearly drove awareness, but it may also have contributed to the crush of simultaneous log-ins the moment the window opened.
The offer itself explains the scale of the rush. Dangote Petroleum Refinery and Petrochemicals FZE is selling shares at a fixed price of ₦525 apiece, with a minimum application of just ₦5,250, a low enough bar to draw in retail investors who might otherwise sit out a major listing.
The company is targeting roughly ₦2.15 trillion in gross proceeds if the offer is fully subscribed, representing about 3.3% of its enlarged share capital, with shares expected to list on the Nigerian Exchange’s Main Board once the SEC clears the basis of allotment.
Analysts have pegged the refinery’s valuation as high as $50 billion, and the listing follows a formal signing ceremony and SEC approval earlier this month. For many Nigerians, it represents a rare chance to buy into a marquee national asset at the ground floor.
Bamboo has not disclosed a specific timeline for full restoration beyond saying a fix is in progress. Crucially for affected investors, the subscription window itself is not closing today; it runs through October 13, 2026, giving those locked out by today’s glitch roughly a month to complete their applications once access is restored.
The episode has nonetheless raised broader questions about whether Nigeria’s fast-growing digital investment platforms have the infrastructure to handle demand spikes of this size, a test case that will likely shape how fintechs prepare for the next major listing.
The disruption also underscores how much retail investor appetite for direct participation in major corporate offerings has grown in Nigeria’s capital market, a trend regulators and platforms alike will be watching closely as the Dangote offer plays out over the coming weeks.
WHAT YOU SHOULD KNOW
Bamboo’s app buckled under investor demand within an hour of the Dangote Refinery IPO opening today, joining other Nigerian platforms that saw similar strain, but the subscription window stays open until October 13, so anyone locked out isn’t locked out of the offer itself.
As retail interest in major Nigerian listings grows, this is a live stress test of whether local fintech platforms can actually handle it.
