Flutterwave to power digital payments for Dangote Refinery IPO

Flutterwave will provide digital payment infrastructure for Nigerians at home and abroad subscribing for shares in the Dangote Refinery IPO.

Flutterwave, the pan-African payments technology company, says it will provide the digital payment infrastructure enabling Nigerians at home and in the diaspora to fund their share subscriptions in the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The company said its involvement builds on previous experience supporting public offerings in Nigeria, including facilitating payments for MTN Nigeria’s 2021 public offering.

How the Payment Process Will Work

Through Flutterwave’s infrastructure, investors will be able to digitally fund their share subscriptions via Chapel Hill Denham’s subscription platform, in line with the offer’s minimum subscription of 10 shares at ₦525 per share (₦5,250). Investors will also be able to subscribe on behalf of minors, allowing parents and guardians to invest for their children.

Access to the process will extend beyond Flutterwave’s existing user base: new users will be able to complete the share subscription journey through Flutterwave’s web-based payment infrastructure without needing an existing account, while current Flutterwave for Business and Send App users can subscribe directly through accounts they already hold.

The company said the experience will also be accessible through Owo by Mono on WhatsApp. Investors without an existing bank account will be issued a Flutterwave Microfinance Bank account to fund their subscription.

Under the process, investors select the number of shares they wish to subscribe for and complete payment in naira through Flutterwave; the subscription is then processed through Chapel Hill Denham, with shares allotted to successful investors registered in their own name with the Central Securities Clearing System (CSCS). Payment does not guarantee full allocation, and investors will be refunded for any unallocated funds. The offering is regulated by Nigeria’s Securities and Exchange Commission (SEC), with Flutterwave acting as a licensed receiving agent.

Part of a Wider Subscription Network

Flutterwave is one of several fintechs approved to process subscriptions for the offer, alongside platforms including Bamboo, Moniepoint, PiggyVest, InvestNaija and Payaza, as well as 19 banks, two mobile money operators, and NGX Invest. The subscription window is set to open on September 14 and close on October 13, 2026.

Flutterwave founder and CEO Olugbenga Agboola said the company’s aim was to make participation as accessible as possible “regardless of where an investor is located or which payment channel they prefer.”

Context: Africa’s Largest-Ever IPO

The Dangote refinery, which currently operates at a capacity of 700,000 barrels per day, is offering roughly 10 percent of the business in what is expected to be the largest IPO in Nigerian and African stock market history, targeting a raise of around ₦2.15 trillion.

The offer has drawn attention beyond payments infrastructure. At the 2026 Africa Diaspora Leadership Programme Young Global Leaders Convening in Lagos this week, African and international leaders, including Lagos State Governor Babajide Sanwo-Olu, described the listing as an opportunity to broaden ownership of the continent’s industrial assets among ordinary citizens, pension funds and diaspora investors. Aliko Dangote has similarly framed the offer as intended to extend the refinery’s wealth beyond its original promoters to everyday Africans.

Investor Caution

Flutterwave stressed in its disclosure that it acts solely as a receiving agent for the offer in partnership with SEC-licensed stockbrokers, and does not provide investment advice, stockbroking services, or hold investors’ shares.

The company noted that investing in shares carries risk, share values may rise or fall, and investors may lose some or all of their investment, and that past performance does not guarantee future returns.

What to Know: The Dangote Refinery IPO

FULL LIST: Dangote Refinery names 32 approved channels for IPO shares