Wayve Microfinance Bank Limited, operator of the WayvePay digital banking platform, has clarified its involvement in the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering after the [Securities and Exchange Commission (SEC)](https://sec.gov.ng) warned the public against purchasing the IPO through the app. The bank confirmed it is working with the regulator to resolve the matter.
**What did WayvePay say?**
Kingsley Ezenwa, Head of Corporate Communications and Marketing at WayvePay, told reporters that the bank is currently engaging with the SEC to explain its role in the IPO sales and to address the concerns raised by the commission.
**How is the bank positioned with regulators?**
The statement noted that Wayve Microfinance Bank Limited is a licensed financial institution under the [Central Bank of Nigeria (CBN)](https://cbn.gov.ng), with deposits insured by the [Nigeria Deposit Insurance Corporation (NDIC)](https://ndic.gov.ng) within the statutory limits. It emphasized that its banking licence and insurance coverage are separate from the specific issues linked to the IPO.
**What was the nature of the IPO arrangement?**
According to the bank, its participation was carried out in partnership with [Coronation Securities](https://www.coronationsecurities.com) under a formally executed agreement. Under this arrangement, the WayvePay app was connected to Coronation Securities to facilitate IPO‑related activities, and subscription funds were routed to Coronation Securities rather than to Wayve Microfinance Bank itself.
**What actions have been taken after the SEC notice?**
Following the regulator’s communication, WayvePay withdrew all promotional material concerning the Dangote IPO and removed the related link from its mobile application. The bank also confirmed that, since the promotional content was posted, no investor has subscribed to the Dangote Petroleum Refinery and Petrochemicals shares via the WayvePay platform.
**How is the bank cooperating moving forward?**
Wayve Microfinance Bank Limited is providing the SEC and other relevant authorities with the necessary documentation and explanations about the arrangement. It pledged to continue cooperating with the commission and to respond to any issues through established regulatory processes.
**Why does the bank stress the SEC’s role?**
The institution recognised the SEC’s mandate to protect investors and maintain confidence in Nigeria’s capital market. It reiterated its commitment to transparency, responsible business conduct, and full compliance with all applicable regulatory requirements.