Nigeria’s Dangote Petroleum Refinery initial public offering overwhelmed several digital investment platforms after subscriptions opened on 14 September. Reuters reported outages affecting Bamboo, Cowrywise and InvestNaija as retail demand surged. Reuters described the $1.6 billion transaction as Africa’s largest-ever share sale, while the Associated Press also reported disruption to investment applications. The interruptions exposed capacity constraints in technology used to channel individual investors into Nigeria’s capital market.
The Nigerian Exchange said the offer comprises 4.1 billion ordinary shares priced at N525 each. Investors can subscribe for a minimum of 10 shares, worth N5,250. The subscription window is scheduled to close on 13 October, subject to the prospectus terms. The exchange said the offer is open to retail, institutional and eligible African investors.
PLATFORMS FACED A TRAFFIC SURGE
Reuters reported that Bamboo experienced a tenfold increase in traffic within half an hour of the offer opening. The surge affected Bamboo’s systems and third-party providers, while Cowrywise and InvestNaija also experienced interruptions. Reuters said Bamboo and InvestNaija were functioning again by Wednesday; it did not confirm Cowrywise’s status.
The Associated Press separately reported that at least two digital investment platforms were briefly unavailable. It also reported the minimum subscription of 10 shares at N525 each, putting the entry cost at N5,250. The outages therefore occurred as the offer’s low minimum subscription brought concentrated retail demand onto digital distribution systems.
CAPACITY REMAINS THE OPERATING TEST
The episode showed that digital brokers and wealth platforms are important distribution channels for large Nigerian capital-market transactions. It did not establish final subscription levels or prove that the outages reduced completed orders. Customer access depends on both investment applications and the external infrastructure supporting them.
The next milestone is the scheduled close of the offer on 13 October. Until then, the platforms will need to sustain access as further retail and institutional orders are submitted. Subsequent allocation and listing disclosures should indicate whether the initial technology strain affected participation or the transaction timetable.