Dangote Refinery IPO: WayvePay Says No Investor Subscribed Through Platform

Wayve Microfinance Bank Limited, operator of the WayvePay digital banking platform, has reaffirmed its commitment to regulatory compliance following a notice by the Securities and Exchange Commission (SEC) cautioning the public against purchasing shares in the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) through the platform. In a statement issued by its Head of Corporate Communications and Marketing, Kingsley Ezenwa, the bank said it was engaging with the SEC and other relevant authorities to address the concerns raised and clarify its involvement in the IPO-related arrangement. WayvePay explained that its participation was conducted in partnership with Coronation Securities under a duly executed agreement, with the platform linked to the securities firm to facilitate IPO-related activities. It added that subscription funds were directed to Coronation Securities rather than directly to Wayve Microfinance Bank. The bank also said it had withdrawn the relevant promotional materials and removed the associated link from its mobile application following the SEC’s communication.

WayvePay further stated that no investor had subscribed for shares in the Dangote Refinery IPO through its platform since the promotional materials were published. The bank emphasised that it is licensed by the Central Bank of Nigeria, with eligible deposits insured by the Nigeria Deposit Insurance Corporation, subject to applicable limits and terms. It said its licensed banking operations should be distinguished from the specific issues raised in connection with the IPO arrangement. According to the statement, the bank is providing relevant documentation to regulators and will continue to cooperate through established regulatory processes. WayvePay also acknowledged the SEC’s role in protecting investors and maintaining confidence in Nigeria’s capital market, adding that it remained committed to transparency, responsible business practices and compliance with applicable regulations. #UTVAfrica#