KEY POINTS
- Moniepoint will offer Dangote Refinery IPO subscriptions through POS outlets and apps.
- Shares are priced at N525, with a minimum of 10 shares.
- Moniepoint says its network covers all 774 LGAs.
Moniepoint Microfinance Bank and TeamApt Limited have partnered to make the Initial Public Offering of Dangote Petroleum Refinery more accessible to retail investors across Nigeria.
The partnership will allow Nigerians to subscribe to the refinery’s IPO through Moniepoint’s nationwide network of point-of-sale agents, as well as its digital banking platforms.
The initiative is designed to take the investment opportunity beyond traditional financial centres and bring it closer to individuals and small businesses in communities across the country.
Under the arrangement, eligible retail investors can subscribe for shares in Dangote Refinery through Moniepoint agent locations using POS terminals.
Customers who prefer to complete the process digitally can also subscribe through the Moniepoint Personal and Business Banking applications.
The offering provides retail investors with an opportunity to buy shares in Dangote Refinery, a 650,000-barrel-per-day facility described as Africa’s largest petroleum refinery.
The shares are being offered at N525 each, with investors allowed to subscribe for a minimum of 10 shares and a maximum of 500 shares per transaction.
At the minimum subscription level, an investor would need N5,250 to purchase 10 shares, excluding any applicable transaction charges.
Moniepoint said its POS network covers all 774 local government areas in Nigeria, giving the company a broad distribution platform for bringing financial services closer to Nigerians.
The company’s involvement in the IPO is therefore focused largely on expanding physical access for retail investors who may not ordinarily use traditional investment channels.
Through its agent network, customers can access the subscription process in their local communities rather than having to visit conventional financial institutions or capital-market offices.
The digital option also means existing Moniepoint customers can participate without visiting an agent, using the company’s banking applications to complete their subscriptions.
Moniepoint Microfinance Bank and TeamApt Limited, both subsidiaries of Moniepoint Group, are providing different parts of the infrastructure supporting the offering.
Moniepoint Microfinance Bank is responsible for leveraging its extensive customer and agent network to expand the reach of the IPO.
TeamApt, meanwhile, is providing the technology infrastructure required to process transactions and support the digital side of the offering.
The companies said the combination of physical distribution and digital technology is intended to make participation more convenient and reliable for retail investors.
