UBA Offers Customers Up to ₦30 Million Loan to Invest in Dangote Refinery IPO

United Bank for Africa (UBA) is offering eligible customers access to personal loans of up to ₦30 million, providing a financing option for those seeking to participate in the ongoing initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE. The development comes as Nigerian financial institutions and digital platforms expand access to one of the country's most closely watched public offers, giving retail and institutional investors multiple channels through which they can subscribe. BusinessDay reported that UBA communicated the financing opportunity directly to customers, presenting its existing personal loan facility as an option for customers who require additional funds to participate in the refinery's IPO. Legit.ng also reported the ₦30 million maximum loan amount. Importantly, UBA's own Dangote IPO webpage confirms that customers who need financing can apply for a personal loan, while the bank's general loan information states that its personal loan product provides access to as much as ₦30 million. Dangote Refinery IPO opens to investors The loan offer coincides with the public subscription for shares in Dangote Petroleum Refinery and Petrochemicals FZE. According to the Nigerian Exchange Group, the IPO consists of 4.1 billion ordinary shares priced at ₦525 each, putting the size of the offer at approximately ₦2.15 trillion. The minimum subscription is 10 shares, meaning an investor can participate with as little as ₦5,250. The official Dangote IPO website independently confirms the ₦525 share price and minimum purchase of 10 shares. It says the offer opened on September 14, 2026, and is scheduled to close on October 13, 2026. The Nigerian Securities and Exchange Commission (SEC) also confirmed that it approved the IPO to open on September 14. The offer represents a significant step for the refinery, allowing members of the investing public to acquire an ownership interest in the business through the capital market. UBA becomes one of the subscription channels UBA's involvement goes beyond providing personal loans. The bank is also an authorised institution through which eligible investors can submit subscriptions for the IPO. The bank says customers can purchase shares through several channels, including its self-service portal, mobile banking platform, internet banking, Leo virtual assistant and participating branches. UBA had earlier announced its role as one of the financial institutions providing access to the offer, saying the arrangement would make it easier for individuals and businesses to participate in Nigeria's capital market. The financing option potentially gives some customers another route to participate. However, borrowing money to purchase shares introduces a different level of financial risk compared with investing existing savings. An investor using a loan will still be responsible for repayment and applicable interest regardless of how the shares perform after listing. A rise in the share price is not guaranteed, and returns from dividends or capital appreciation are also uncertain. For that reason, the availability of a loan should not be interpreted as a guarantee of investment returns. Multiple platforms provide access to IPO UBA is not the only financial institution participating in the distribution of the refinery shares. The IPO has a broad network of approved subscription channels involving banks, financial technology platforms and other capital-market operators. Punch reported before the opening that dozens of approved channels had been designated for investors. This broad distribution network could make the offer more accessible to retail investors who may not traditionally use brokerage platforms to purchase securities. For UBA customers, the bank's digital channels mean investors can initiate subscriptions without necessarily visiting a physical branch. SEC warns investors about IPO scams The significant public attention surrounding the Dangote Refinery IPO has also prompted regulators to warn prospective investors about fraudulent investment schemes. Nigeria's SEC advised investors to obtain information about the IPO from official sources and ensure that applications and payments are made only through approved receiving agents and subscription platforms. The regulator specifically warned people against transferring money to individuals or organisations claiming to receive subscriptions outside the authorised channels. It also cautioned investors against unsolicited messages or advertisements promising guaranteed allotments or preferential access to shares. The official Dangote IPO portal similarly warns investors to use approved subscription channels and says prospective shareholders should never provide their PIN, password or one-time password to anyone claiming to process a subscription. Prospective investors should therefore verify any platform before submitting personal information or transferring money. What investors should consider Although the refinery IPO provides an opportunity to acquire shares in a major Nigerian industrial company, participation remains an investment decision involving financial risk. UBA itself notes that the offer is subject to the conditions contained in the approved offer document and advises prospective investors to read those documents and obtain appropriate professional advice before investing. The SEC has issued similar guidance, urging prospective shareholders to understand the terms, conditions and risks contained in the approved prospectus before subscribing. That consideration becomes particularly important when an investment is being financed with borrowed money. For customers considering UBA's personal loan, the relevant questions extend beyond the maximum amount available. Borrowers should understand the applicable interest rate, repayment period, monthly repayment obligations, eligibility requirements and any additional charges before accepting financing. With the subscription window scheduled to remain open until October 13, the combination of traditional banks and digital platforms is giving investors several routes to participate in the landmark public offer. For UBA customers, the bank's loan option adds another possibility: using personal credit to finance a share subscription. Whether that approach is appropriate will depend on each investor's financial circumstances, ability to repay the loan and assessment of the investment risks.