Africa's Largest IPO Begins Stablecoin Applications on Solana

Key Points of This Article

• Minimum application amount for NectarFi is 10,000 Naira, stock price is 525 Naira
• On-chain applications reach 9.25 million Naira, with Solana accounting for over 60%

Stablecoin Applications for IPO Begin

Dangote Petroleum Refinery started accepting applications for its initial public offering (IPO) on the 14th. On the same day, the financial platform "NectarFi" based on Solana also went live, allowing investors to directly use their stablecoins for IPO applications through GetEquity's capital market infrastructure.

GetEquity is a platform that expands access to private equity investments in Africa, and according to data presented at the Solana Summit Nigeria, it has been used by over 22,000 users and has processed transactions worth a total of $2 billion.

The minimum application amount on NectarFi is equivalent to 10,000 Naira (approximately $7.5) in stablecoins or the same amount in dollars, with the stock price set at 525 Naira (approximately $0.40) per share. The offering size is 4.1 billion shares, and if fully subscribed, the total amount raised could reach up to 2.15 trillion Naira (approximately $1.63 billion). The application deadline is October 13.

One of the World's Largest Refineries Goes Public

Dangote Petroleum Refinery operates the largest single-train refinery in the world, with a processing capacity of 650,000 barrels per day. It began operations in May 2023 and announced that it reached its designed processing capacity in February 2026.

International media have reported this IPO as "the largest stock offering in African history." Based on the reference rate stated in the prospectus (1 USD = 1,319.54 Naira), the company's valuation is approximately $49 billion, and Dangote plans to sell only a portion (about 3%) of existing shares, minimizing dilution for current shareholders.

On-chain Application Status

NectarFi and GetEquity have issued a token called "DPRI" on both Solana and Base for investors' on-chain applications.

According to Afriflux, which tracks on-chain data, as of 2:30 PM local time on September 15, the amount of applications via on-chain has reached 9.25 million Naira. The issued DPRI tokens total 761,905 DPRI, with buyers holding a total of 17,618 DPRI (about 2.3% of the issued amount). Applications through NectarFi account for 79.1% of the net applied shares, with Solana making up 64.1% of the on-chain buy orders.

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