Strong demand for the Dangote Refinery IPO has overwhelmed several Nigerian investment platforms, disrupting access for people seeking shares in Africa’s largest public offering. Nigerians at home and abroad can submit applications until 13 October 2026, but investors should use only approved banks, brokers and financial platforms.
The initial public offering, or IPO, opened on 14 September and aims to raise about ₦2.15 trillion — roughly $1.6 billion — through the sale of 4.1 billion ordinary shares at ₦525 each.
An IPO is the first opportunity for members of the public to buy shares in a privately owned company before its shares begin trading on a stock exchange. Anyone who receives an allocation becomes a part-owner, although the value of the investment can rise or fall.
The minimum application is 10 shares, costing ₦5,250 before any applicable charges. The refinery’s shares are expected to begin trading on the Nigerian Exchange in late November, subject to regulatory and listing requirements.
Heavy traffic disrupts investment platforms
Bamboo, Cowrywise and InvestNaija were among the digital investment services that experienced problems after applications opened.
Bamboo said traffic increased to about 10 times its usual level within 30 minutes of the launch. The company said external service providers were also affected, making it difficult for some users to log in or complete applications.
Bamboo and InvestNaija told Reuters that their systems were operating normally by Wednesday. Cowrywise did not respond to the news agency’s request for comment.
Some providers directed customers to alternative channels. InvestNaija referred users to WhatsApp, while some traditional brokers also used the messaging service to process enquiries.
However, investors must confirm that any WhatsApp number or payment instruction belongs to an authorised institution. Money should never be transferred to a personal bank account or sent through a link received from an unverified social-media profile.
“This particular IPO is stress testing Nigeria’s financial infrastructure across the board,” Bamboo chief operating officer Yanmo Omorogbe told Reuters.
The disruption points to substantial public interest, but it does not confirm how many shares have been requested or whether the offer is oversubscribed. Dangote Petroleum Refinery and the offer’s underwriters had not released complete subscription figures at the time of reporting.
What Nigerians in the diaspora should check
Nigerians living in Britain and other countries should not assume that every platform will accept applications from their place of residence.
Before paying, prospective investors should confirm whether they meet the platform’s identity, residency and account requirements. Depending on the approved provider, applicants may be asked for documents such as valid identification, a Bank Verification Number, a National Identification Number or stock-market account information.
Diaspora investors should also consider exchange-rate risk. Someone converting pounds, dollars or euros into naira could make a gain on the shares but still lose money after converting the proceeds back into another currency if the naira weakens.
The Nigerian Securities and Exchange Commission has urged the public to use approved channels and verify payment details before sharing money or personal information. The regulator had not reported confirmed fraud linked to the offer when Reuters published its report, but large public offers commonly attract phishing messages, cloned websites and impersonation attempts.
Refinery plans expansion after public offer
The Dangote refinery cost more than $20 billion to build. According to figures in its prospectus, it recorded net profit of about $1.82 billion during the first half of 2026 on revenue exceeding $13 billion.
The company plans to use funding connected to its wider growth programme to expand production capacity from 650,000 barrels a day to 1.4 million barrels a day.
Aliko Dangote has said the company hopes as many as 10 million people will take part in what has been promoted as a “people’s IPO”. NewDailyPrime previously reported that the company wanted to give Nigerian investors priority in the refinery’s ownership.
Strong demand does not guarantee a profit. Applicants may receive fewer shares than requested if demand exceeds the number available, while the market price could fall after trading begins. Prospective investors should therefore read the official prospectus and consider their financial circumstances rather than buying because of online excitement.
What readers should know: The offer is scheduled to close on 13 October, but interested investors should not rush because an app is busy or someone claims shares are running out. Confirm that the provider is authorised, read the offer documents and remember that buying shares involves financial risk.
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