Moniepoint makes Dangote Refinery IPO available through POS

Moniepoint Microfinance Bank is making the Dangote Petroleum Refinery’s initial public offering available to retail investors through its nationwide network of point-of-sale terminals and digital banking platforms.

The lender, working with payments infrastructure provider TeamApt Ltd., said on Thursday that customers can subscribe for shares through Moniepoint agent locations, as well as its Personal and Business Banking applications. The arrangement is intended to allow investors to participate without having to rely solely on conventional brokerage or banking channels.

The offering is priced at N525 per share, with investors able to subscribe for a minimum of 10 shares and a maximum of 500 shares per transaction. The Dangote refinery, located in Lagos, has a stated processing capacity of 650,000 barrels of crude oil per day.

Moniepoint said its POS network covers all 774 local government areas in Nigeria, giving the offering a physical distribution channel in communities outside the country’s major financial centres.

“Moments like this are exactly why we built Moniepoint the way we did,” Managing Director and Chief Executive Officer of Moniepoint Microfinance Bank, Babatunde Olofin, said in a statement. We have always believed that financial happiness is about more than the ability to transact. It is also about having access to opportunities to grow and build wealth.”

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The collaboration brings together Moniepoint’s distribution network and TeamApt’s payments infrastructure, with the latter providing the technology used to process transactions.

TeamApt, a Central Bank of Nigeria-licensed switching and processing company, said its infrastructure supports payment transactions for banks and other financial institutions, allowing the companies to extend the share offering to a broader pool of retail investors.

“For years, we have been building the rails that quietly power finance across Nigeria, and this is a glimpse of what those rails were built for,” said Managing Director and Chief Executive Officer, TeamApt, Dennis Ajalie.

The move comes as Nigeria’s capital market seeks to deepen retail participation and make investment products more accessible to individual investors. By distributing the Dangote refinery offer through existing financial technology infrastructure, the companies said the initiative could make participation possible through channels already used by consumers for everyday transactions.

The Dangote refinery, owned by Dangote Industries, is Africa’s largest single-train refinery and began commercial operations in 2024. Its expansion and integration into Nigeria’s petroleum supply chain have made the facility a significant development in the country’s downstream oil industry.