Alongside the traditional share sale, part of the Dangote Petroleum Refinery IPO is being offered as blockchain tokens, called DPRI, through platforms including GetEquity and NectarFi. Data from blockchain analytics dashboard Afriflux, reported by The Condia, gives a rare public view of how that tokenised offer performed in its first day.
The first 24 hours
- By 2:30pm on 15 September, ₦9.25 million had been subscribed onchain, for 17,618 shares at the fixed ₦525 price.
- That was about 2.3% of the 761,905 tokens created at that point.
- There were 142 purchases; NectarFi users accounted for 79% of net shares.
- About 64% of purchases were on the Solana blockchain and the rest on Base. Solana opened nearly eight hours earlier.
- Eight sellbacks worth ₦363,900 went back to GetEquity’s sale vault at the same price. One wallet accounted for 93% of that value.
Mostly new investors
Afriflux founder Yahaya Muhktar said 56 of the 72 NectarFi wallets were created less than 48 hours before their first DPRI purchase, and those new wallets held about 93% of NectarFi’s shares. That suggests people signed up specifically for this offer, though it is impossible to tell onchain whether they are new to shares or already have stockbroking accounts.
What the blockchain cannot show
Muhktar was clear about the limits. Whether each token matches a real share held by a custodian, whether the two blockchains represent one allocation or two, and who bears the loss if tokens and shares ever diverge are all legal questions outside the blockchain. He also noted:
- On Solana, the issuer can still create more DPRI tokens and freeze accounts.
- On Base, the sale contract can be upgraded and is controlled by a 2-of-3 multisignature wallet, which moved 80,000 DPRI out of the vault on 15 September and returned it the same morning.
What investors should know
Tokenised shares can lower the entry barrier and make ownership easy to track, but they add a layer of legal and technical risk on top of the investment itself. Before buying, check who holds the underlying shares, what rights the token gives you, how you can redeem it, and which regulator oversees the platform. The IPO offer closes on 13 October, with listing on the Nigerian Exchange expected in November.
Source: The Condia, using Afriflux data.
