Dangote Refinery IPO overwhelms Bamboo, Cowrywise as Nigerians rush to buy shares

On Monday morning, Nigerians rushed to buy shares in Dangote’s ₦2.15 trillion oil refinery IPO, but investment fintechs Bamboo and Cowrywise struggled under massive traffic. Users reported login failures, slow-loading apps, and error messages as the platforms, approved to sell the IPO alongside Flutterwave, Moniepoint, Paga, PiggyVest, banks and mobile-money operators, buckled under demand. Cowrywise said its engineering team restored full service after about an hour, while Bamboo acknowledged the disruption on X and said its team was still fixing the platform.

The IPO opened September 14 with 4.1 billion shares available at ₦525 each, requiring a minimum of 10 shares (₦5,250). In the week prior, Bamboo added over 236,000 new accounts, 64% of which were funded and trading, showing strong pent‑up demand. The offer remains open until October 13; if oversubscribed, shares will be allocated on a pro‑rata basis with refunds for any unallocated portion. Proceeds will fund the refinery’s expansion, boosting crude‑processing capacity from 700,000 to 1.4 million barrels per day.

Although Monday’s access issues disappointed many investors, the IPO window is still open for a month. Investors who faced problems can retry on the apps now, and allocation is not first‑come‑first‑served—subscribing later does not disadvantage you. Approved alternatives include Flutterwave, Moniepoint, Paga, PiggyVest, banks and mobile‑money operators. Will you try again later today, wait for your salary, or use another approved platform to subscribe before the October 13 deadline?

SOURCE: https://techcabal.com/2026/09/14/bamboo-cowrywise-explain-dangote-ipo-disruptions/