The launch of the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO) on Monday triggered a surge in demand from retail investors, overwhelming two popular Nigerian investment platforms, Bamboo and Cowrywise.
Both platforms experienced unusually high traffic as investors rushed to participate in the offer, with some users reportedly unable to access their accounts.
Bamboo acknowledged the disruption in a statement posted on X, attributing the difficulty to the unexpected volume of users attempting to access the platform to subscribe to the Dangote Refinery IPO.
“Hey everyone, 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. We’re working on a fix and it will be up and running shortly,” the platform said.
The surge highlights the strong appetite among Nigerian retail investors for an opportunity to invest in Dangote’s refining and petrochemicals business.
The Dangote Refinery IPO has generated significant interest since details of the offer emerged, with investors seeking exposure to one of Nigeria’s largest industrial projects.
The pressure on investment platforms also underscores the growing participation of retail investors in Nigeria’s capital market, particularly through digital investment applications that have made access to financial products easier.
As investors continue to seek opportunities in the IPO, the affected platforms are expected to scale their systems to accommodate the unusually high demand and ensure users can complete their subscriptions.
