WayvePay has stated that no investors subscribed to the Dangote Refinery IPO through its platform, following a regulatory warning from the Securities and Exchange Commission (SEC).
The denial comes after the SEC issued a public notice warning Nigerians against using the platform for investment purposes. The regulator clarified that WayvePay is not registered to solicit investments from the public or operate in any official capacity within the Nigerian capital market.
The situation arises amid high public interest in the potential Initial Public Offering (IPO) of the Dangote Refinery, one of Africa’s largest industrial projects. The SEC’s intervention is intended to protect retail investors from unregulated financial intermediaries who may facilitate transactions without the necessary legal licences.
The SEC warning, released last Friday, specifically highlighted that WayvePay lacks the registration required to act as a broker-dealer or an investment adviser. In the Nigerian financial system, any entity facilitating the purchase of shares in a public offering must be registered and approved by the commission to ensure transparency and the safety of investor funds.
SEC Regulation and Capital Market Safety
The Nigerian capital market is strictly regulated to prevent fraudulent schemes and ensure that only qualified professionals manage public funds. By alerting the public, the SEC aims to curb the rise of unregistered fintech platforms attempting to act as conduits for high-profile equity offerings.
The Dangote Refinery IPO is expected to be one of the most significant corporate events in Nigeria’s economic history. Given the scale of the project and Aliko Dangote’s influence in the business community, the offering has attracted substantial attention from both institutional and retail investors.
Under Nigerian law, an IPO must be conducted through approved issuing houses and licensed brokers. Using an unregistered platform for such transactions exposes investors to significant risks, including the potential loss of capital and a lack of legal recourse in the event of a dispute.
WayvePay’s claim that no subscriptions were processed through its system suggests that no retail funds were captured for the refinery offering via its interface. However, the SEC’s priority remains the prevention of such activity before it occurs, particularly as more Nigerian citizens seek digital avenues for wealth creation.
The commission continues to urge the public to verify the registration status of any firm offering investment services on its official portal. The SEC has not yet indicated whether it will pursue further disciplinary action against WayvePay beyond the public warning.
Investors seeking to participate in the Dangote Refinery IPO are advised to use only SEC-approved brokers and financial institutions to ensure their investments are legally recognised and protected.
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