Africa’s Biggest IPO Goes Live on Solana as Internet Capital Markets Take Shape

Africa’s largest public share offering is now open for subscription, and investors can access it on Solana. NectarFi, a Nigerian digital asset platform built on Solana, has listed the Dangote Petroleum Refinery and Petrochemicals IPO through its partnership with GetEquity. Users can subscribe with stablecoins, with a minimum purchase of ₦10,000 (about $7.5).

The IPO offers 4.1 billion shares at ₦525 each. If fully subscribed, it could raise about ₦2.15 trillion, or roughly $1.6 billion. An oversubscription and greenshoe option could push the proceeds toward $2.1 billion.

The offer opened on September 14 and closes on October 13, 2026. The shares are expected to begin trading on the Nigerian Exchange in November following allotment. The offering represents about 3.3% of the refinery and values the business at roughly ₦63 trillion, or about $47.6 billion, at the IPO price.

A $20B Refinery Meets an Internet Capital Market

The significance of the Solana integration extends beyond a single Nigerian IPO. Solana’s vision involves creating an “Internet Capital Market”, where anyone with an internet connection can trade any assets directly onchain.

Instead of requiring investors to navigate traditional brokerage systems, a mobile application can provide access through a few taps. For the Dangote IPO, that infrastructure means an investor can use stablecoins on Solana to participate in a major Nigerian stock offering.

Speaking exclusively to SolanaFloor, NectarFi CEO Felix Daniel remarked: “We are giving people access to the biggest IPO in Africa from day 1 with their stablecoins. It doesn't matter where you are from; you could own a piece of the pie, and this is just the beginning. We are bringing more local assets onchain.”

Built for approximately $20 billion on the outskirts of Lagos, the Dangote refinery began operations in 2024 and has reshaped Nigeria’s fuel market. The facility currently processes roughly 650,000 to 700,000 barrels of crude per day and has been Europe’s top external supplier of aviation fuel since June. Dangote plans to use IPO proceeds to fund that expansion and increase its ability to supply refined petroleum products to Nigeria and international markets.

Africa’s richest man and President and CEO of Dangote Industries Limited, Aliko Dangote, has called the offering the “People’s IPO”, arguing that ordinary Nigerians should have an opportunity to own part of the refinery and participate in its growth. Onchain rails make that opportunity much easier to access.

Early Data Points to New Onchain Investors

Early subscription data suggests the Solana route is attracting people beyond the existing crypto community. Afriflux data shows that 69 of 103 onchain buyers, or 80%, subscribed through NectarFi on Solana. Of those 69 wallets, 53 were created less than 48 hours before their first purchase. Those newly created wallets accounted for 93% of the shares purchased through NectarFi.

That distinction matters. The data suggests the infrastructure is not simply giving existing crypto users another way to buy an asset. It may also be bringing new participants into onchain markets.

The trend fits a broader expansion in tokenized real-world assets on Solana. Allium data shows tokenized equities generated 56% of Solana’s RWA spot volume over the past year, with 63% of that trading occurring outside US market hours. Tokenized equity holders on the network have also surpassed 800,000, marking a new all-time high.

A New Chapter for An Upcoming Market

Nigeria’s capital market activity dates back to its pre-independence era, when the British colonial authorities issued bonds in 1946 to finance construction projects. For most of its modern history, Nigerians have financed their own stock market. However, according to CFA Institute research, foreign investor involvement in Nigerian equities has increased since 2012.

The country has fixed some problems, such as its FX market architecture, that once made its stock market difficult for foreigners to navigate. Also, FTSE Russell’s decision to restore Nigeria to Frontier Market status puts the country back on global investors’ radar.

With Solana providing the rails for more local assets to come onchain, the network’s goal of powering all financial services around the world is slowly becoming a reality.

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