Moniepoint opens Dangote Refinery IPO subscriptions through POS agents nationwide

Moniepoint Microfinance Bank has begun accepting subscriptions for Dangote Petroleum Refinery shares through its network of POS agents, widening the routes open to retail investors in the refinery's initial public offering.

Shares are priced at N525 each. The minimum subscription is 10 shares, which comes to N5,250. A single transaction is capped at 500 shares, equivalent to N262,500 at the offer price.

Customers can also subscribe through Moniepoint's Personal and Business Banking applications. Until now, retail participation ran mainly through traditional banks and brokerage platforms.

Why the agent route matters

Moniepoint says its agent network reaches all 774 local government areas. That footprint puts the offer closer to Nigerians who use agents for everyday transactions but rarely touch brokerage platforms, particularly outside the main financial centres.

The channel runs on payment infrastructure from TeamApt Ltd, a Central Bank of Nigeria-licensed switching and processing company that provides rails for banks and other financial institutions.

What Moniepoint and TeamApt said

Babatunde Olofin, Managing Director and Chief Executive Officer of Moniepoint Microfinance Bank: "Moments like this are exactly why we built Moniepoint the way we did. 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."

Dennis Ajalie, Managing Director and Chief Executive Officer of TeamApt: "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."

The refinery and the offer

Dangote Petroleum Refinery is located in Lagos and has a stated processing capacity of 650,000 barrels of crude oil per day. It is owned by Dangote Industries and began commercial operations in 2024. It has since become an important part of Nigeria's downstream petroleum supply chain.

Dangote Petroleum Refinery and Petrochemicals FZE had earlier published a list of 32 approved banks, fintech platforms, mobile money operators and NGX Invest channels for the offer on its official IPO website.

The move comes as the capital market pushes to broaden retail participation and make investment products easier to reach. Agent banking could remove some of the access barriers tied to conventional investment channels, especially for Nigerians who do not regularly use brokerage platforms.

For consumers and small businesses, the change adds one more way to hold a stake in the country's largest private refinery, using a payment channel millions already use daily.