Access to the Initial Public Offering (IPO) of Dangote Petroleum Refinery has been expanded to millions of Nigerians nationwide, following a collaboration between Moniepoint Microfinance Bank (MFB) and TeamApt Ltd. to make the landmark investment opportunity available through digital banking platforms and Moniepoint’s extensive POS network.
The initiative means Nigerians can now subscribe to the IPO either through Moniepoint Personal and Business Banking apps or directly at Moniepoint agent locations using POS terminals, bringing the country’s largest-ever public offering closer to everyday investors.
The offering invites everyday Nigerians to own a stake in Africa’s largest petroleum refinery – a 650,000-barrel-per-day facility central to the country’s energy future – for ₦525 per share, with a minimum of 10 shares and a maximum of 500 shares per transaction.
For the first time, an offering of this scale is being made accessible through channels that meet Nigerians where they are. Customers can walk into a Moniepoint agent location and subscribe directly through the POS terminal, bringing the IPO within reach of communities across the country.
Through the Moniepoint Personal and Business Banking apps, customers who prefer to invest digitally can subscribe and complete the process within seconds from their mobile devices. Together, these channels make it possible for Nigerians to participate in the offering through platforms already woven into their everyday financial lives.
Both independent subsidiaries within the Moniepoint Group, Moniepoint MFB and TeamApt bring complementary strengths to the offering.
Moniepoint MFB provides the customer reach and distribution network that brings the opportunity into communities across Nigeria, while TeamApt provides the technology infrastructure that enables transactions to be processed reliably and at scale.
For Moniepoint MFB, the opportunity is closely aligned with its broader mission of helping Nigerians experience greater financial happiness by making financial services and opportunities more accessible. Its POS network spans all 774 local government areas in Nigeria, giving the bank a physical presence in communities well beyond the traditional centres of financial activity.
“Moments like this are exactly why we built Moniepoint the way we did,” said Babatunde Olofin, Managing Director & Chief Executive Officer, Moniepoint Microfinance Bank. “We have always believed that financial happiness is about more than the ability to transact. It is also about having access to opportunities to grow and build wealth.
“The Dangote Petroleum Refinery IPO gives Nigerians a chance to participate in the growth of a significant Nigerian business. By making it accessible through our POS network particularly, we are helping democratize wealth opportunities, reaching everyday people – market traders, artisans, and first-time investors wherever they are.”
Underpinning that reach is the payment infrastructure built and operated by TeamApt. A CBN-licensed switching and processing company, TeamApt has spent more than a decade building and running the payment rails behind Moniepoint and a broad range of banks and financial institutions across Nigeria.
That infrastructure allows a capital-market offering to reach retail investors reliably and at scale, enabling the Nigerian Exchange (NGX) to enter the retail market and open the door to an entirely new class of investors.
“For years, we have been building the rails that quietly power finance across Nigeria, and this is a glimpse of what those rails were built for,” said Dennis Ajalie, Managing Director & Chief Executive Officer, TeamApt Ltd.
“Our technology is connecting a major capital-markets opportunity to a distribution network that reaches millions, making it possible for retail participation to happen through channels that are already part of everyday life. This is bigger than any single offering; it signals where retail participation in our markets is heading.
“As infrastructure builders, we see opportunities to extend these capabilities to other sectors and use cases in the future, creating new ways for more Nigerians to participate in and benefit from the growth of the economy.”
The collaboration demonstrates how technology, financial services and distribution can work together to expand access to opportunities across Nigeria’s financial ecosystem.
By bringing services and opportunities into channels Nigerians already use every day, the initiative seeks to help close gaps in financial inclusion and enable more people to participate in and benefit from economic growth.
This is a shift Moniepoint MFB and TeamApt intend to keep building toward.