Managing Director, Capital Markets at Chapel Hill Denham, Lanre Buluro, said the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals is Nigeria’s first 100 per cent digital offering and will reach millions of Nigerians through fintechs, banks and telecommunications platforms.
Buluro said the development marked a major milestone for Nigeria’s capital market, with the offering designed to make subscription accessible through multiple digital channels.
“What we’re doing in this offer, the first time in Nigeria, is a 100% digital offering. What have we done? We have partnered with Fintechs, Telcos, mobile money platforms, our banks, and various digital channels.”
According to him, the digital structure is designed to make participation in the offering accessible to a broad number of Nigerians through platforms they already use.
“We’re working with Moneypoint, we’re working with PiggyVest. We’re working with MTM Momo, Smartcash, Payaza. We’re also working with some new start-up Fintech, a company called WIAN.”
Buluro added that additional digital platforms were also being deployed to widen access to the offer… We’re also working with Lada Africa.”
He said the digital process would enable prospective subscribers to complete their subscriptions quickly.
“In less than two or three minutes, you can subscribe to this offer. All you need is your BVN.”
Buluro said the initiative was designed to reach a significant number of Nigerians, adding that the plan was to make the offer available to as many as 10 million people.
“The plan is to sell this to as many as 10 million Nigerians.”
He said the initiative represented a significant development for the Nigerian capital market, with the digital approach expected to broaden participation in the offer.
“This transaction is very, very transformational.”
Buluro, who said Chapel Hill Denham is one of the joint issuing houses and the lead advisor on the digital distribution, said the firm was working with various platforms to facilitate access to the offer.
“We’re one of the joint issuing houses and specifically the lead advisor on the digital distribution.”
Faridah Abdulkadiri
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