Fidelity Bank Offers Two-Minute Digital Route for Dangote Refinery IPO Subscription

Investors seeking to participate in the Dangote Petroleum Refinery Initial Public Offering (IPO) can complete their subscription through Fidelity Bank’s digital channels in less than two minutes, the bank has said.

Fidelity Bank said it had introduced multiple channels to make the offer accessible to a wide range of investors, including existing customers, corporate organisations and prospective investors who do not maintain accounts with the bank.

The available subscription channels include the Fidelity Bank mobile application for iOS and Android devices, the bank’s corporate online banking platform and designated branches nationwide.

A major feature of the initiative is the provision of virtual accounts for non-Fidelity Bank customers in Nigeria and abroad.

According to the bank, prospective investors without Fidelity Bank accounts can initiate their IPO subscription through the bank’s website, after which they will receive dedicated virtual account details through which they can fund their applications from an operational bank account.

The virtual account arrangement, the bank said, eliminates the need for prospective investors to open a conventional Fidelity Bank account before subscribing to the offer.

It also accommodates third-party funded subscriptions and provides non-customers, including those outside Nigeria, with a digital avenue to participate in the IPO.

Existing Fidelity Bank retail customers can subscribe through the bank’s mobile application on both iOS and Android devices, while corporate customers can use the corporate online banking platform, subject to the applicable inputter and authoriser process.

Fidelity Bank said investors who require additional assistance could visit any of its branches nationwide or contact its TrueServe customer support service.

The bank listed its support channels as 070034335489 for telephone calls, 09030005252 for WhatsApp messages and [email protected] for email enquiries.

It added that dedicated personnel would be available round the clock to guide intending investors through the subscription process and help ensure a seamless experience.

Investors are required to provide relevant identification and account details when submitting their applications.

The requirements may include a Bank Verification Number (BVN) for non-Fidelity Bank account holders, while minors may be required to provide a National Identification Number (NIN). 

Existing Fidelity Bank customers may also need an active operational account or online banking profile to complete their subscriptions.

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

Such investors may open a stockbroking account through Fidelity Securities Limited to facilitate the electronic crediting of shares allotted to them after the completion of the allotment process.

Fidelity Bank explained that once a subscription had been successfully authorised, the investor’s selected account would be debited, while investors using the virtual account option would have to fund the assigned account.

Following successful processing, investors would receive a confirmation message, transaction reference and receipt as evidence of their applications.

The initiative, according to the bank, is part of its broader effort to expand access to Nigeria’s capital market through technology-driven and inclusive financial services.

Fidelity Bank said its digital subscription options were designed to simplify the process for both existing customers and investors who had no previous banking relationship with the institution.

The Dangote Petroleum Refinery IPO is expected to provide investors with an opportunity to acquire an interest in one of Nigeria’s major downstream energy assets, while broadening participation in the domestic capital market.

The bank, however, advised prospective investors to carefully review the approved Offer Prospectus before committing funds.

It said the prospectus contained important information on the offer, including eligibility requirements, offer price, minimum subscription, permissible multiples, offer period and other terms and conditions governing the IPO.

Investors are therefore expected to familiarise themselves with the terms of the offer and assess the investment opportunity before submitting their applications.