The launch of the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering has triggered a surge in demand, overwhelming two Nigerian investment platforms, Bamboo and Cowrywise.

Both platforms reported unusually high traffic as retail investors rushed to subscribe to the public offer, with some users unable to log into their accounts.

Bamboo attributed the access difficulties to the unexpectedly high volume of investors attempting to participate in the Dangote Refinery IPO. The platform said it was working to resolve the issue.

Cowrywise also acknowledged experiencing higher-than-usual traffic, assuring users that its team was working to restore normal service.

The two fintech platforms are among the approved channels through which investors can subscribe to the refinery’s shares.

The public offer, which opened on Monday, seeks to raise about N2.15tn through the sale of 4.1 billion ordinary shares at N525 each.

Investors can subscribe for a minimum of 10 shares, valued at N5,250, making the offer accessible to retail investors.

The IPO is one of the largest public share offerings in Africa and is expected to provide Nigerians and other eligible investors with an opportunity to acquire stakes in the Dangote Refinery.

The refinery plans to use the proceeds to support expansion and increase its refining capacity.

The surge in demand highlights the strong retail interest generated by the offer, while also exposing the pressure that high-volume investment activity can place on digital platforms.

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

Following approval, the refinery published a list of authorised banks, fintech companies, mobile operators and NGX Invest through which investors can subscribe.