Nigerians without a Fidelity Bank account, including those in the diaspora, now have a direct digital route into the Dangote Petroleum Refinery Initial Public Offering, as the bank rolls out a Virtual Account system designed to widen participation in the landmark listing.
The facility allows prospective investors who do not bank with Fidelity to initiate a subscription entirely online, via the bank’s website, receive a dedicated Virtual Account number, and fund their application from any bank account of their choosing, whether in Nigeria or overseas.
Crucially, subscribers are not required to open a full Fidelity Bank account to take part, and the system also supports third-party funded applications.
The Virtual Account option forms part of a broader digital push by the bank, which says the entire subscription process, for those who qualify, can now be completed in under two minutes.
Several Ways In
Beyond the Virtual Account route, Fidelity has structured the offer to accommodate different categories of investors. Existing retail customers can subscribe through the bank’s iOS and Android mobile apps, while corporate clients can apply via the corporate online banking platform, subject to the standard inputter and authoriser approval process.
Physical branches remain open nationwide for investors who prefer in-person support, and the bank’s Fidelity TrueServe desk offers round-the-clock assistance by phone, WhatsApp, and email.
Depending on their category, applicants will need to provide specific documentation: a Bank Verification Number for non-Fidelity account holders, a National Identification Number in the case of minors, or an active account and online banking profile for existing customers.
Widening the Net Further
The bank has also addressed a common barrier to IPO participation, the lack of a Central Securities Clearing System (CSCS) account. Investors without one can open a stockbroking account through Fidelity Securities Limited, which will handle the electronic crediting of shares once allotment is finalised.
Once an application is authorised, the relevant account, whether a customer’s existing account or the Virtual Account, is debited or funded accordingly, after which the investor receives a confirmation message, transaction reference, and receipt as proof of subscription.
Fidelity Bank describes the initiative as part of its broader strategy to deepen retail and institutional participation in Nigeria’s capital market through simplified, technology-driven access.
The bank has nonetheless cautioned intending investors to study the approved Offer Prospectus closely before committing funds, as it sets out the eligibility criteria, offer price, minimum subscription and permissible multiples, offer period, and other terms governing the IPO.