UBA Offers Customers N30m Loan to Buy Dangote Refinery IPO Shares

United Bank for Africa (UBA) has told customers they can access personal loans of up to N30 million to subscribe to the Dangote Petroleum Refinery initial public offering (IPO). The bank communicated the offer by email, describing it as a funding solution for retail investors who want to participate but lack sufficient funds.

UBA told customers: "Want to invest in the Dangote Refinery IPO but need extra funds? Get up to N30 million with the UBA Personal Loan." The bank described the offer as a chance to own a stake in one of Africa's largest industrial projects and benefit from its growth potential.

How the IPO is priced

The Dangote Refinery IPO is priced at N525 per share. Investors can buy a minimum of 10 shares and a maximum of 500 shares per transaction. That means entry is possible with as little as N5,250.

The Securities and Exchange Commission (SEC) approved the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering, clearing the way for Nigerians and other eligible investors to buy into one of Africa's biggest industrial projects. The regulator approved the offer of 4.1 billion ordinary shares at N525 each, a transaction that could raise roughly N2.15 trillion if fully subscribed. The order book is expected to open on September 14, 2026, though investors must rely on the final SEC-approved offer documents for confirmed dates and conditions.

Moniepoint and other channels

Moniepoint Microfinance Bank and financial technology firm TeamApt Ltd. have partnered to allow customers to subscribe through Moniepoint's Personal and Business Banking apps and through agent locations equipped with POS terminals nationwide.

The list of approved subscription channels is extensive. Banks cleared to accept subscriptions include Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Lotus Bank, Keystone Bank, PremiumTrust Bank, Providus Bank, Stanbic IBTC, Sterling Bank, TAJ Bank, Union Bank, Wema Bank and Zenith Bank.

Approved fintech and investment platforms include Bamboo, Flutterwave, InvestNaija, Ladder, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest, we.yan, Afrinvestor, AnchoriaApp, Bancorp TradePal, CS Alpha, Coronation Wealth, First Securities, Advanta, FutureView Invest, InvestNow, Meritrade, i-Invest, Tiddo Invest, Zedcrest Wealth, SabiVest, Cowrywise, MyInvestar, Revve, Paystro, Remita and VBank. MTN MoMo, Airtel SmartCash and NGX Invest are also approved channels, while Ecobank Transactional and SBG Securities are available for eligible African investors.

What it means for investors

The offering gives retail investors a route into the 650,000-barrel-per-day Dangote Petroleum Refinery, a significant player in Nigeria's energy landscape. Financial experts caution that investors borrowing money to buy shares should weigh the cost of loan repayments against the risks that come with equity investment before committing.