Two Nigerian investment platforms, Bamboo and Cowrywise, experienced service disruptions on Monday as investors rushed to subscribe to the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.
Both platforms confirmed that unusually high traffic was affecting their services as users attempted to access the Dangote Refinery share offer.
Bamboo said the surge was making it difficult for some customers to log into its app, adding that its technical team was working to resolve the issue.
“We’re getting much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app,” the platform said in a post on X.
It added that it was working on a fix and expected the service to return to normal shortly.
Cowrywise also acknowledged increased traffic on its platform and said its team was working to restore normal service.
“We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal,” the investment platform said.
The disruptions occurred as the Dangote Refinery opened its initial public offering on Monday, offering 4.1 billion ordinary shares at N525 each.
The offer is expected to raise about N2.15tn and will remain open until October 13, 2026.
The refinery is seeking to broaden its ownership base by attracting about 10 million African retail investors, according to Group Chairman Aliko Dangote.
See also: OPay Urged to Release Woman Over Fake Shutdown Post
The minimum subscription is 10 shares, costing N5,250.
The offer also includes a greenshoe option that allows the underwriters to sell an additional 30 per cent of the shares if the offer is oversubscribed.
Dangote Refinery currently has a processing capacity of 700,000 barrels per day and plans to double its capacity by 2030.
The company said proceeds from the share sale would be used to support its expansion plans.
The high traffic on Bamboo and Cowrywise highlights the strong demand for digital investment platforms as retail investors seek to participate in one of Nigeria’s largest share offerings.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
