WayvePay says no one subscribed to Dangote refinery IPO — Premium Times Nigeria

In Nigeria, digital banking platform WayvePay said that no one subscribed through it to shares in Dangote Petroleum Refinery and Petrochemicals as part of the ongoing initial public offering (IPO). Premium Times Nigeria reports this, citing a statement by Wayve Microfinance Bank Limited, the platform’s operator.

Regulator’s warning

Last Friday, Nigeria’s Securities and Exchange Commission (SEC) warned citizens against investing through WayvePay. The regulator said the platform is not registered to solicit investments from the public and is not authorized to operate in any capacity in the country’s capital market.

The SEC also warned that dealing with unregistered and unregulated entities may expose investors to the risk of fraud and financial losses.

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WayvePay’s position

Wayve Microfinance Bank said that following the SEC warning, it removed promotional materials and the IPO-related link from its mobile app. The bank said it is participating in the IPO process through a partnership with Coronation Securities.

According to the bank, this arrangement links the WayvePay platform with Coronation Securities for IPO-related transactions. Subscription funds were to be paid to Coronation Securities, not to the bank.

Wayve Microfinance Bank also said it is licensed by the Central Bank of Nigeria, and eligible deposits are insured by the Nigeria Deposit Insurance Corporation within the established terms and limits. The bank said it is ready to engage with the SEC and other regulators to resolve the issues raised and clarify the circumstances of the situation.