As the initial public offering of Dangote Refining, described as one of Africa’s largest refining companies, gets under way, an on-chain subscription using stablecoins is also being offered. The combination of traditional stock markets and blockchain-based investment infrastructure has introduced a new way to invest in Africa’s capital markets.

On Sept. 17, blockchain media outlet CoinPost reported that Dangote Refining began taking IPO subscriptions on Sept. 14. On the same day, financial platform NextaFi also launched a service that lets investors use the stablecoins they hold to participate in the Dangote Refining IPO.

NextaFi was built on GetEquity’s capital-market infrastructure. Investors can participate in the IPO subscription using stablecoins as well as dollars or naira. GetEquity said in materials released at Solana Summit Nigeria that it had secured more than 22,000 users and processed cumulative transactions worth $2 billion.

The minimum subscription amount was set at stablecoins or dollars equivalent to 10,000 naira. The offer price for Dangote Refining is 525 naira per share, and the total number of shares on offer is 4.1 billion. If all shares are subscribed, it can raise up to 2.15 trillion naira. Subscriptions run until Oct. 13.

The IPO is also drawing attention for its size. Dangote Refining operates a large refining facility capable of processing 650,000 barrels of crude oil a day. The company said it began operations in May 2023 and reached its design processing capacity in February 2026. Overseas media have assessed the IPO as one of the largest share sales in Africa’s history.

The offering is being carried out by selling part of existing shareholders’ stakes rather than issuing new shares. Using the exchange rate of 1,319.54 naira per dollar presented in the prospectus, the company’s valuation is calculated at about $49 billion. Dangote chose a structure that sells only about 3 percent of existing shares to minimise dilution for existing shareholders.

A feature drawing particular attention in this IPO is the on-chain subscription. NextaFi and GetEquity are issuing DPRI tokens to investors who subscribe on-chain. DPRI is issued on the Solana and Base networks and is used to represent subscribed stakes on the blockchain.

Early on-chain demand has also been confirmed. According to tallies by Afriflux, the on-chain subscription amount stood at 9.25 million naira as of 2:30 p.m. on Sept. 15. A total of 761,905 DPRI had been issued, and holdings by buyers were 17,618, accounting for about 2.3 percent of the total issuance.

By platform, NextaFi accounted for 79.1 percent of net subscribed shares. By blockchain, Solana took 64.1 percent of on-chain buy orders. The figures are notable in that stablecoin-based share subscriptions have been linked to actual investment demand.

The case shows a trend of Africa’s capital markets combining with blockchain infrastructure. It has linked stablecoins to share subscriptions previously conducted in local currencies or dollars, and represented subscribed stakes as blockchain-based tokens, changing the investment access approach itself.

Still, the current scale of on-chain subscriptions is at an early stage compared with the overall IPO. Key points to watch are how much investment through stablecoins increases by the subscription deadline, and whether demand concentrates on Solana or Base.

If the Dangote Refining IPO ends successfully, it could remain as an example of integrating stablecoins and blockchain infrastructure into the offering process for large traditional financial products. With Solana accounting for more than 60 percent of early on-chain orders, attention is focused on whether this subscription becomes a new case for expanding blockchain-based real-asset investment.