Wayve Microfinance Bank, operator of the WayvePay digital banking platform, has reaffirmed its commitment to regulatory compliance following concerns raised by the Securities and Exchange Commission (SEC) over its involvement in the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO).
The bank said it was engaging with the SEC to clarify its role in the share offer and address the issues raised by the regulator.
In a statement issued by its Head of Corporate Communications and Marketing, Kingsley Ezenwa, the bank said its involvement in the IPO-related arrangement was undertaken through a partnership with Coronation Securities under a duly executed agreement.
According to the statement, WayvePay’s platform was linked to Coronation Securities to facilitate IPO-related activities, while subscription funds were directed to Coronation Securities rather than the microfinance bank.
The bank also disclosed that it had withdrawn the relevant promotional materials and removed the associated link from its mobile application following the SEC’s communication.
It further stated that no investor had subscribed to the Dangote Refinery IPO through the WayvePay platform since the promotional materials were published.
Wayve Microfinance Bank maintained that it is licensed by the Central Bank of Nigeria, with eligible deposits insured by the Nigeria Deposit Insurance Corporation, subject to applicable limits and conditions. It stressed that its banking licence should be distinguished from the specific regulatory questions concerning the IPO arrangement.
The bank pledged to provide relevant documentation, cooperate with the SEC and take appropriate steps in response to regulatory guidance.
The development follows the SEC’s warning that investors should use only officially approved channels to participate in the Dangote Refinery share offer. The regulator has urged prospective investors to verify platforms before submitting personal information or transferring money.
Meanwhile, Dangote Refinery’s IPO application period has been extended to October 27, 2026, following approval from the SEC, to allow more eligible investors to complete the necessary account-opening and verification procedures.
WayvePay said it remains committed to transparency, responsible business practices and compliance with applicable regulations.
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