How Daba Actually Gives You Access to the Dangote Refinery IPO and Nigerian Capital Market Opportuni...

Everything you need to know to decide whether or not to trust Daba with guiding your Nigerian Capital markets investments

The biggest IPO in African history is open. And with any deal this size, a healthy question follows: “Wait, how exactly is Daba able to offer this? Are they really an approved channel? Is my subscription actually reaching the issuer?”

Good. You should ask that question. Skepticism is a feature of a smart investor, not a bug. So instead of asking you to take our word for it, this article lays out exactly how the access works, who stands behind it, and where you can verify every claim yourself.

The short answer

Daba gives eligible international investors access to the Dangote Refinery IPO and the Nigerian Exchange (NGX) through a formal distribution partnership with the Coronation Group, one of Nigeria’s leading financial institutions. Subscriptions placed on Daba are processed through Coronation Wealth, one of the officially approved subscription channels named for the Dangote Refinery IPO. Your order does not go through a side door. It goes through the front door, carried by one of the most established names in Nigerian capital markets.

Now the receipts.

1. The partnership is public, formal, and on the record

On September 2026, Daba and Coronation announced a strategic distribution arrangement to expand global access to Nigeria’s capital market. This was not a quiet handshake. It was announced by both companies and covered independently by major business press:

• Our official announcement: Daba x Coronation: A Strategic Partnership to Expand Global Access to Nigeria’s Capital Markets
• Coronation’s official press release on their company’s about us page. Available here
• TechCabal: “Daba taps Coronation to bring global investors to Nigeria’s capital market”
• THISDAY: “Daba Markets Inc, Coronation Announce Strategic Distribution Arrangement to Expand Global Access to Nigeria’s Capital Market”
• Business Post: “Daba Finance, Coronation to Expand Global Access to Nigeria’s Capital Market”
• allAfrica: “Nigeria: Daba, Coronation Open Nigerian Market Access to Global Investors”

These are independent newsrooms. They verified the story before they ran it.

2. Coronation Wealth is on the official list of approved subscription channels

For the Dangote Refinery IPO, the offer documents publish the official Application Channels: the specific banks, securities platforms, and fintech channels through which subscriptions can legitimately be made. Every electronic channel on that list passed an independent Vulnerability Assessment and Penetration Testing exercise and executed the required sponsorship agreements.

Read that list carefully and one thing jumps out: every single name on it is Nigerian. The bank portals, the securities platforms, the fintech apps, the receiving agents, the issuing houses. All of them are Nigerian-licensed institutions. Not one foreign broker, not one international platform, not one non-Nigerian capital markets provider appears anywhere on it.

That is not an oversight. It is how the offer is built. This is a Nigerian offer, priced in naira, listed on the Nigerian Exchange, regulated by Nigeria’s Securities and Exchange Commission. Only institutions licensed in Nigeria can take a subscription for it. So if any platform anywhere in the world tells you it is giving you access to this IPO, there is exactly one way that can be true: a Nigerian-licensed institution is processing the subscription behind it. There is no other legitimate route. Any platform claiming direct access without that local channel is not describing a real mechanism.

Which is exactly why the next line matters. Coronation Wealth, operated by Coronation Securities Limited, is on that official list, alongside the portals of Nigeria’s largest banks and NGX Invest. That is our route in, and it is named in the offer’s own documents.

Visit the approved channels here https://ipo.dangote.com/subscribe

When you subscribe on Daba, your subscription is processed through this approved channel. That is the whole point of the partnership: Coronation brings the local regulatory standing and market infrastructure, Daba brings the global reach, the multi-currency rails, and the app you already know.

3. Coronation is not just a channel. It is inside the deal itself.

Go one level deeper into the offer documents and you will find Coronation twice more, this time among the Issuing Houses on the Dangote Refinery IPO: both Coronation Merchant Bank Limited and Coronation Securities Limited are named on the official list of issuing houses and stockbrokers for the offer.

Issuing houses are the institutions that structure and take an offer to market. In other words, our partner is not a bystander that happens to resell access. The Coronation group sits inside the transaction itself, named in the offer’s own documents. When your subscription flows from Daba through Coronation Wealth, it is being handled by a group that is an official part of this deal’s machinery.

4. Coronation says it themselves

Do not just listen to us. Coronation has publicly communicated on our partnership on its own channels:

• Coronation Group on Instagram: https://www.instagram.com/p/Dc–Jpxglwk/?
• https://www.instagram.com/reel/DdBGfMDCo5T/?
• Coronation Securities on LinkedIn
• Coronation Securities’ institutional page: https://coronation.ng/institutional/about-us/coronation-securities/
• Coronation Asset Management Institutional page: https://coronation.ng/institutional/about-us/asset-management/

A quick note on who Coronation group is, because scale matters here. The Coronation ecosystem spans investment banking, securities trading, asset management, and registrar services. The registrar within the group serves companies representing roughly 40 percent of the NGX’s listed market capitalization, including Dangote-affiliated companies. This is not a newcomer vouching for us. It is one of the market’s pillars.

5. Why you do not need a BVN or a Nigerian bank account

Historically, a foreign investor who wanted to buy Nigerian stocks needed a Bank Verification Number (BVN), a Nigerian bank account, and a local broker. The BVN alone was a wall: it is a biometric identifier issued in Nigeria, nearly impossible to get if you live in Paris, Atlanta, or Abidjan.

The Daba x Coronation arrangement removes that wall. You create a Daba account, complete a fully digital identity verification, fund your account in multiple currencies convert to naira in the app at our FX partners’ rate, and subscribe (subject to individual jurisdictional eligibility). The local requirements are handled through the partnership on the Nigerian side. That is what a distribution arrangement is for.

6. This model is not an experiment. It is how modern finance works everywhere.

If the structure sounds novel, it is only because it is new to African cross-border investing. The model itself, a technology company on the front end and a regulated financial institution on the back end, is the standard way financial services reach customers the traditional system left out.

In the United States, Chime serves millions of customers through partner banks, The Bancorp Bank and Stride Bank, which hold the deposits and the banking licenses behind the scenes. Cash App operates the same way through its bank partners. On the investing side, popular platforms like Public and Stash built their apps on top of regulated clearing and custody firms such as Apex, which execute, settle, and safeguard the assets. Millions of first-time American investors got their start on exactly this architecture. In Europe, an entire generation of fintechs grew on the same rails through regulated banking-as-a-service partners.

Daba has replicated that proven model for African markets: we build the technology, the multi-currency investing rails, and the investor experience, while established local institutions like Coronation provide the regulated market access, execution, and custody. It is not a workaround. It is the playbook.

7. Your holdings are tracked by an independent, regulated trustee

Here is the part that should matter most to a careful investor: the equity interests of Daba users on the Nigerian Exchange are held in the register by Coronation Trustees, a trustee registered with Nigeria’s Securities and Exchange Commission.

Concretely, that means every effective beneficiary is tracked, name by name, holding by holding, on a register maintained by a regulated trustee, independent of Daba. The trustee knows exactly what is held in Nigeria and for whom, whether or not Daba is in the room. Your ownership lives in the books of an SEC-registered institution whose entire mandate is safeguarding beneficial ownership.

Everything is clean, above board, and trackable at the institutional level. That is by design.

8. Who we are, for the record

Daba has operated for five years across African markets. More than 250,000 customers worldwide use Daba to invest in the BRVM and the NGX. We have been featured by Forbes, RFI, TV5 Monde, France 24, and TechCabal, among others.

We built Daba for exactly this moment: a historic listing, open to everyday investors, that the diaspora and international investors would otherwise watch from the sidelines.

Verify, then decide

Here is everything in one place:

• The Dangote IPO hub on Daba: dabafinance.com/en/dangote-ipo
• The complete how-to guide: How to Invest in the Dangote Refinery IPO on Daba
• Complete your KYC in under 5 minutes: KYC guide
• Download the app: daba.finance/app or use the web platform: daba.finance/web

This article is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Any subscription mentioned is subject to eligibility criteria for investors. Allocation is not guaranteed. Investing involves risk, including the possible loss of capital.