Ethica, a non-interest digital banking platform, has said that Muslim investors can subscribe to the Dangote Petroleum Refinery and Petrochemicals IPO in accordance with Islamic commercial principles.
Ethica’s Head of Marketing, Communications and Partnerships, Mr Sodiq Oyeleke, disclosed this on Tuesday while unveiling a partnership with Meristem Securities Ltd.
He said the partnership would provide a digital channel for retail and ethical investors to participate in the public offer.
The development comes amid discussions within the Muslim community over the Shariah compliance of the offer and whether Muslims can invest in it.
Oyeleke said the offer had undergone Shariah review and received the necessary advisory certification for participation by faith-conscious investors.
He said the IPO had been reviewed by the company’s Advisory Committee of Experts and certified by FRACE, a Shariah advisory body to the Central Bank of Nigeria.
“This partnership deepens our commitment to financial inclusion and ethical wealth creation.
“More importantly, it provides clear assurance for Muslims looking to subscribe, having been passed by Ethica’s Advisory Committee of Experts and certified by FRACE,” he said.
Oyeleke said the arrangement would enable Muslim investors to participate through a channel designed to meet non-interest finance requirements.
The Managing Director, Ethica Microfinance Bank, Tajudeen Sekoni, said the partnership was aimed at combining digital financial services with non-interest banking principles.
“At Ethica, we believe financial empowerment goes beyond providing everyday banking services.
“It is fundamentally about giving people equitable access to viable, long-term wealth-building vehicles,” Sekoni said.
He said the partnership with Meristem would bring the public offer closer to customers and other Nigerians seeking to invest through a Shariah-compliant channel.
Under the offer terms, Dangote Refinery shares are priced at N525 each, with a minimum subscription of 10 shares valued at N5,250.
The public offer opened on Sept. 14 and is scheduled to close on Oct. 13.
The offer seeks to raise about N2.15 trillion through the sale of 4.1 billion shares, which are expected to be listed on the Nigerian Exchange Ltd. (NGX) in November.
The Dangote Petroleum Refinery, with a current processing capacity of about 700,000 barrels per day, is expected to expand its capacity to 1.4 million barrels per day.
