The tokenised Dangote Refinery IPO: its first week onchain
Net subscriptions to the tokenised Dangote Petroleum Refinery IPO reached ₦21.34M in the first seven days, from 203 buying wallets across Solana and Base. 81% of buying came through NectarFi. Daily buying peaked on day two and has since tailed off, apart from one ₦5.15M ticket.
- ₦21.34M
- Net subscriptions
- 203
- Buying wallets
- 81.4%
- Of buying via NectarFi
- ₦24,675
- Median per buyer
about $15,800
134 on Solana, 69 on Base
on Solana
largest single buy ₦5.15M
Net subscriptions to the tokenised Dangote Petroleum Refinery IPO reached ₦21,342,950 in its first seven days — about $15,800 — from 203 wallets.
| Solana | Base | |
|---|---|---|
| Buying wallets | 134 | 69 |
| Bought | ₦18,683,752 | ₦4,260,000 |
| Sold back | ₦39,900 | ₦1,560,902 |
| Channel | NectarFi | direct |
81.4% of buying came through NectarFi, which converts to cNGN and buys the shares in one transaction.
The pace
Buying peaked on day two at ₦6.72M, then fell: ₦2.70M, ₦0.75M, ₦1.72M, ₦0.22M. On 20 September a single NectarFi wallet bought ₦5.15M — a quarter of all net subscriptions so far, in one ticket. Without it, the last four days added about ₦2.1M.
The median buyer has put in ₦24,675, roughly $18.
Solana's ₦200M tranche is 9.3% sold. Base's is 1.4%.
The two chains are not behaving alike. That is the finding.
Method
Buys and sell-backs of the tokenised Dangote Petroleum Refinery (DPRI) shares on Solana and Base, decoded from the sale and vault contracts from the first buy on 14 September 2026 to 20 September 2026. Net subscriptions are buys minus sell-backs, in cNGN at ₦1 per cNGN; the dollar figure uses the channel's observed rate of 1,350 cNGN per dollar. Channel attribution is from the transaction path: NectarFi buys route through its relayer and operator on Solana; Base buys are direct. Share counts in both sale vaults reconcile to the tokens outside them.
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AfriFlux (2026). The tokenised Dangote Refinery IPO: its first week onchain. Published 21 September 2026. https://www.afriflux.xyz/feed/dangote-ipo-first-week
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz