By Abigail Mbah
Nigeria’s biggest IPO is underway, and some of the country’s top investment apps have decided that collecting fees from customers is not the smartest play right now.
Dangote Petroleum Refinery and Petrochemicals opened its ₦2.15 trillion public offer on September 14. The company is selling 4.1 billion ordinary shares at a fixed price of ₦525 each, with the window scheduled to close on October 13. The minimum buy is deliberately low, just 10 shares, or ₦5,250. In a clear bid to pull in everyday retail investors alongside institutions.
On paper, this should be a lucrative moment for the fintech platforms helping people subscribe. Instead, platforms including Bamboo, Cowrywise and PiggyVest are charging customers zero direct fees on the transactions. Brokerage charges, stamp duty, trade alerts and the related VAT are all being waived.
The calculation is straightforward. Short-term revenue from transaction fees on a single high-profile offer matters less than the long-term value of new and more engaged users. An IPO of this size and visibility is rare. It brings first-time investors onto the platforms, many of whom may stay to trade other stocks, buy mutual funds or use additional savings and investment products once the Dangote shares settle.
The refinery has approved a wide network of channel; more than 30 banks, fintechs and mobile money operators. So, investors have plenty of options. Digital platforms have been particularly active in simplifying the process.
Several allow users to apply without already holding a CSCS account; the account is created afterward if needed. Payment can be made from existing wallets or bank accounts with minimal friction.
The low entry point and heavy marketing have already produced strong early demand. On the opening day, some of the apps reported unusually high traffic that briefly slowed access for users.
That rush underlines both the public interest in owning a stake in Africa’s largest single-train refinery and the platforms’ ability to convert that interest into new accounts and activity.
For the fintechs, the decision to forgo fees is a classic customer-acquisition move.
In a market where retail investor numbers remain relatively modest, a landmark offer like this is one of the clearest opportunities to expand the base. Whether those new users become long-term customers will depend on the platforms’ product experience after the IPO closes and the shares list on the Nigerian Exchange.
For now, the focus is on removing every possible barrier between retail Nigerians and the offer.
The subscription period remains open until mid-October. Investors still have time to decide how much, if anything, they want to put in and on which app they prefer to do it.