Dangote Refinery IPO: Fidelity Bank offers two-minute digital subscription

By Adebola Muili

Investors seeking to participate in the initial public offering (IPO) of Dangote Petroleum Refinery can complete their subscription in less than two minutes through Fidelity Bank’s digital banking channels.

The bank said it has provided multiple subscription options to make the offer accessible to existing customers, corporate organisations and non-customers in Nigeria and abroad.

According to Fidelity Bank, the available channels include its iOS and Android mobile applications, corporate banking platform for corporate customers and designated branches nationwide.

A statement by the bank said one of the key features of its subscription solution is the provision of Virtual Accounts for investors who do not have accounts with Fidelity Bank.

It explained that non-customers in Nigeria and abroad could initiate their subscriptions through the Fidelity Bank website, receive dedicated Virtual Account details and fund their applications from an operational bank account.

The bank said the Virtual Account option allows prospective investors to participate in the IPO without opening a regular Fidelity Bank account, adding that it also supports third-party-funded subscriptions.

“Non-Fidelity Bank customers can conveniently subscribe through the Virtual Account option without the need to open a regular Fidelity Bank account,” the bank stated.

For existing retail customers, Fidelity Bank said subscriptions could be completed through its mobile application on iOS and Android devices, while corporate customers could use the bank’s corporate online banking platform, subject to the applicable inputter and authoriser process.

It added that investors requiring assistance could visit any designated Fidelity Bank branch or contact Fidelity TrueServe through 070034335489, WhatsApp on 09030005252, or email at trueserve@fidelitybank.ng.

According to the bank, dedicated personnel would be available round the clock to guide intending subscribers and help ensure a seamless subscription process.

Fidelity Bank said investors would be required to provide relevant identification and account information, which could include a Bank Verification Number (BVN) for non-Fidelity Bank account holders and a National Identification Number (NIN) for minors.

For existing Fidelity Bank customers, the bank said an active operational account or online banking profile would be required to complete the subscription.

The bank further disclosed that investors without a Central Securities Clearing System (CSCS) account could also participate in the IPO.

It said a stockbroking account could be opened through Fidelity Securities Limited to facilitate the electronic crediting of allotted shares after the completion of the allotment process.

Fidelity Bank explained that following successful authorisation of a subscription, the investor’s selected account would be debited, or the assigned Virtual Account funded, as applicable.

The investor would thereafter receive a confirmation message, transaction reference and receipt as evidence of the application, it added.

The bank said the initiative was part of its efforts to expand access to Nigeria’s capital market by providing simple, inclusive and technology-driven options for investors to participate in the Dangote Refinery IPO.

It, however, advised prospective investors to carefully review the approved Offer Prospectus before making an investment decision.

The prospectus, according to the bank, contains the applicable eligibility conditions, offer price, minimum subscription requirement, permissible multiples, offer period and other terms governing the IPO.