Dangote IPO: Firm reaffirms commitment to regulation compliance

Dangote Compressed Natural Gas (CNG) trucks loading Premium Motor Spirit (PMS) at the Dangote Petroleum Refinery gantry, during a press conference to mark the first anniversary of petrol rollout and the official presentation of CNG-powered trucks for fuel distribution at the Dangote Petroleum Refinery, Lekki, Lagos, on Monday, 15 September 2025.

By Lawani Mikairu

Following the Security and Exchange Commission, SEC,  notice that the general public should beware of buying Dangote Refinery’s Initial Public Offering, IPO, through WayvePay digital banking platform, the bank, yesterday, clarified its involvement with the IPO sales. 

A statement by Kingsley Ezenwa, Head of Corporate Communications and Marketing, WayvePay, said the bank was currently engaging with SEC after explaining its involvement with the IPO sales with the regulatory authority.

The statement said: “Wayve Microfinance Bank Limited, operator of the WayvePay digital banking platform, acknowledges the recent communication by SEC, concerning the Dangote Petroleum Refinery and Petrochemicals IPO.

“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.

“Wayve Microfinance Bank Limited is a financial institution licensed by the Central Bank of Nigeria, CBN, with eligible deposits insured by the Nigeria Deposit Insurance Corporation, NDIC, subject to applicable coverage limits and terms. The Bank considers it important to clarify its regulatory status and distinguish its licensed banking operations from the specific matters raised in connection with the IPO.

“Regarding the IPO-related arrangement, the bank wishes to clarify that its involvement was undertaken in partnership with Coronation Secuities under a duly executed agreement between the parties. Under this arrangement, the WayvePay digital banking platform was linked to Coronation Securities to facilitate the relevant IPO-related activities, with subscription funds directed to Coronation Securities rather than directly to Wayve Microfinance Bank Limited.

“Following the SEC’s communication, the bank has withdrawn the relevant promotional materials and removed the associated link from its mobile application.  Since the publication of the promotional materials, no investors has subscribed for shares in the Dangote Petroleum Refinery and Petrochemicals IPO through the WayvePay platform.

“Wayve Microfinance Bank Limited is engaging with the appropriate regulatory authorities, providing relevant documentation and clarifying the circumstances surrounding the arrangement. The Bank will continue to cooperate with the SEC and respond to the issues raised through the established regulatory processes.

The Bank recognises the SEC’s important mandate to protect investors and promote confidence in Nigeria’s capital market. It remains committed to transparency, responsible business practices and compliance with the regulatory requirements applicable to its operations. The Bank will continue to address the matter constructively and take appropriate steps in response to regulatory guidance,” the statement added.