Dangote Refinery IPO meets Shari’ah standards, Ethica tells Muslim investors

Nigeria’s non-interest digital banking app, Ethica, has partnered with Meristem Securities Limited to facilitate seamless participation in the historic Dangote Petroleum Refinery Initial Public Offering (IPO), confirming that Muslim investors can subscribe in full alignment with Islamic commercial jurisprudence.

The intervention directly addresses widespread public debate and growing scrutiny within the Nigerian Muslim community regarding the Sharia compliance and legitimacy of the landmark offering.

By integrating a dedicated, end-to-end digital subscription channel into its mobile application, Ethica provides definitive regulatory clarity alongside frictionless execution for retail and ethical investors.

Ethica, powered by Ethica Microfinance Bank, stated on Tuesday that the collaboration directly answers the demand from faith-conscious investors who require strict Sharia verification before committing capital to public listings.

Under the offer terms, shares are priced at ₦525 each, with a minimum subscription threshold of 10 shares valued at ₦5,250. The public offer officially opened on September 14 and will close on October 13, 2026.

Commenting on the strategic rollout, Managing Director of Ethica Microfinance Bank, Tajudeen Sekoni, emphasised that the collaboration reinforces the institution’s core mandate to bridge modern digital finance and non-interest banking.

“At Ethica, we believe financial empowerment goes beyond providing everyday banking services,” Sekoni said.

“It is fundamentally about giving people equitable access to viable, long-term wealth-building vehicles. Our partnership with Meristem brings this historic opportunity directly to our customers and everyday Nigerians who want to participate with absolute confidence through an authentic, Sharia-compliant channel.”

Addressing the controversies surrounding the offer’s non-interest eligibility, Ethica’s Head of Marketing, Communications, and Partnerships, Sodiq Oyeleke, clarified that the Dangote Refinery IPO meets established non-interest finance standards, backed by statutory advisory endorsements.

“This partnership deepens our commitment to financial inclusion and ethical wealth creation,” Oyeleke noted. “More importantly, it also provides clear assurance for Muslims looking to subscribe, having been passed by Ethica’s Advisory Committee of Experts and certified by FRACE, a shariah advisory body to the Central Bank of Nigeria regulating Islamic finance in the country.”

The Dangote Petroleum Refinery IPO represents Africa’s largest public equity issuance to date, targeting an aggregate capital raise of approximately ₦2.15 trillion.

Sponsored

Nigerian Muslim Personalities of the Year 2024/2025

Global Muslim Personalities of the Year 2024/2025