The Dangote Petroleum Refinery has expanded access to its ongoing share offer by allowing prospective investors to subscribe through participating Moniepoint Point-of-Sale, POS agents nationwide.
The move is aimed at widening retail participation in the Initial Public Offering, IPO, particularly among Nigerians who rely on agency banking for access to financial services.
Under the arrangement, prospective investors can visit participating Moniepoint agents to complete their subscriptions through the approved process. The refinery said the initiative was part of its drive to build a broad shareholder base, with a target of reaching millions of Nigerians.
The shares are being offered at N525 each, with a minimum subscription of 10 shares, requiring an initial investment of N5,250. Investors can also make multiple subscriptions during the offer period to increase their holdings.
The company said the use of Moniepoint’s agency network would extend access to the offer beyond conventional investment channels and make it easier for people in communities with limited access to formal financial services to participate in the capital market.
It said agency banking had played a significant role in extending financial services to underserved communities and that the same network could help reduce barriers to retail investment.
Prospective investors subscribing through Moniepoint agents are required to complete transactions through the approved subscription process and retain their receipts as evidence of payment. Confirmation of subscriptions will also be sent by SMS to the telephone numbers registered by investors.
The company advised prospective investors to review the IPO Prospectus and seek advice from licensed stockbrokers or financial advisers before making investment decisions.
Details of approved subscription channels and the Prospectus are available through the IPO portal.
The expansion of subscription channels comes as the Dangote Refinery seeks to broaden individual participation in its ownership, with the N525 offer price and N5,250 minimum subscription providing the stated entry point for retail investors.