WayvePay says no investor subscribed to Dangote Refinery IPO through its platform

Wayve Microfinance Bank Limited, operator of WayvePay digital banking platform, said no investor subscribed for shares in the ongoing Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) via its platform, following a recent warning by the Securities and Exchange Commission (SEC).

The digital bank said this in a statement, saying it withdrew promotional materials and removed the associated link from its mobile application after the SEC directed customers to refrain from investing through its trading platform.

Last Friday, the SEC warned the public against investing through WayvePay, saying the platform is not registered to solicit public investment or operate in any capacity in the Nigerian capital market.

The capital market regulator cautioned that dealing with unregistered and unregulated entities could make investors vulnerable to fraud and potential financial losses.

In response, Wayve Microfinance Bank said it is involved in the IPO through a partnership with Coronation Securities, under an agreement between the parties.

According to the bank, the arrangement links the WayvePay platform to Coronation Securities to facilitate IPO-related activities, with subscription funds directed to Coronation Securities rather than the bank.

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“Since the publication of the promotional materials, no investors have subscribed for shares in the Dangote Petroleum Refinery and Petrochemicals IPO through the WayvePay platform,” the bank stated.

“The bank recognises the SEC’s important mandate to protect investors and promote confidence in Nigeria’s capital market,” the digital bank said.

“It remains committed to transparency, responsible business practices and compliance with the regulatory requirements applicable to its operations,” it added.

Wayve Microfinance Bank disclosed that the Central Bank of Nigeria licensed it, and the Nigeria Deposit Insurance Corporation (NDIC) insures eligible deposits, subject to applicable coverage limits and terms.

“The bank takes the SEC’s communication and the concerns raised seriously and remains committed to engaging constructively with the commission and other relevant regulatory authorities to address the issues and clarify the circumstances surrounding the matter,” the microfinance bank said.

It promised to continue offering digital banking services, including electronic transfers, bill payments, and eligible credit facilities to individuals and small businesses.