The launch of the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO) on Monday triggered a surge in investor activity, overwhelming two popular Nigerian investment platforms, Bamboo and Cowrywise.

Both platforms experienced unusually high traffic as retail investors rushed to subscribe to the refinery’s public offer, with some users reportedly unable to access their accounts.

Bamboo acknowledged the disruption, attributing it to the unexpectedly high volume of investors attempting to access the platform to participate in the Dangote Refinery IPO.

The investment platform said it was working to resolve the issue and restore normal access for users.

Cowrywise also reported unusually high traffic on its application, assuring customers that its technical team was working to stabilise the platform.

The two fintech companies are among the approved channels through which investors can subscribe to the Dangote Refinery public offer.

The rush followed the opening of the IPO on Monday, with the offer targeting about N2.15 trillion through the sale of 4.1 billion ordinary shares at N525 per share. 

Investors can subscribe for a minimum of 10 shares, requiring an initial investment of N5,250, a structure designed to encourage participation by retail investors.

The Dangote Refinery IPO is one of the largest public share offerings in Africa and is expected to provide the company with additional capital to support expansion and increase its refining capacity.

The offer has attracted significant interest from retail investors following efforts to broaden public participation in the ownership of the refinery, one of Africa’s largest industrial projects.

The heavy traffic experienced by the investment platforms highlights the scale of investor interest in the offer and the pressure that major investment opportunities can place on digital financial platforms.

The Securities and Exchange Commission had earlier warned investors against unauthorised promotions concerning the Dangote Refinery IPO before the offer received regulatory approval.

Following approval, Dangote Refinery released a list of authorised banks, fintech companies, mobile operators and NGX Invest through which investors can subscribe.

The public offer is scheduled to run from September 14 to October 13, 2026.