Investors fume as Dangote IPO frenzy freezes Bamboo, Cowrywise, Afrinvest apps

Many Nigerians eagerly rushed up to buy shares in Dangote Industries following its availability, but their excitement quickly turned to frustration. As they attempted to access investment platforms, a wave of issues hit: login problems, error messages, and accounts that simply wouldn’t open.

Platforms like Bamboo, Afrinvest and Cowrywise faced overwhelming traffic, leaving countless users unable to participate in the much-anticipated initial public offering (IPO). Even Afrinvest, another popular investment service, struggled to keep up with the demand.

The Dangote IPO officially began today, offering 4.1 billion shares at a price of ₦525 each. If fully subscribed, this monumental offer could generate around ₦2.15 trillion. Investors have a chance to get involved with a minimum purchase of just 10 shares, costing ₦5,250. However, time is of the essence, as the offer will close on October 13.

Despite the hiccups, the eagerness surrounding Dangote Industries, one of Nigeria’s most prominent companies, illustrates the strong interest in the stock market and the potential for wealth generation among everyday Nigerians. As the closing date approaches, investors are hopeful for smoother access and a chance to capitalize on this historic opportunity.

Dangote IPO rush sparks anger among investors

Bamboo faced a surge in traffic as users rushed to access the Dangote IPO, which led to difficulties for many trying to log in to the app. The company acknowledged the situation, saying they were dealing with “much higher than expected traffic.” However, this explanation didn’t sit well with all users.

One frustrated user on X remarked, “Didn’t you expect people to use the app today of all days?” Another investor pointed out that since the IPO had been announced long ago, Bamboo should have been ready for such a high influx of users.

Some complaints were more pressing. One user reported being locked out of the app and unable to execute trades, while another faced repeated “Login Expired” messages whenever they tried to log back in. There were also rumours that some influencers appeared to have access while regular investors struggled to connect.

Similar read: 18 platforms where you can buy Dangote Refinery’s IPO shares

Bamboo apologised and assured users that their engineers were hard at work trying to fix the issues. Similar frustrations were echoed by Cowrywise users, who also reported being unable to access their money. Despite the platform stating that they were experiencing more traffic than usual, users expressed their dissatisfaction. One user revealed they needed to withdraw cash to pay bills but couldn’t access their account. Another questioned why Cowrywise hadn’t prepared for the influx, especially after heavily promoting the IPO.

It’s important to note that the frustration wasn’t solely about buying Dangote shares; some users just wanted to check their account balances or review existing investments.

For those eager to invest in the Dangote IPO, which remains open until October 13, there’s no need to panic if you can’t access your account immediately. It is advisable to refrain from submitting multiple orders during such instability. Once you regain access, check your transaction history or confirmation messages to avoid duplicate transactions.

Investors should also be cautious and use only approved subscription channels. The official Dangote IPO website warns against sharing your PIN, password, or OTP with anyone claiming to provide access to shares, as this could lead to fraud.

The excitement surrounding this IPO is understandable. Dangote is giving Nigerians a unique opportunity to own a stake in a refinery that currently operates at 700,000 barrels per day, with plans to double that capacity. However, for those locked out of their accounts on the first day, this historic IPO has turned into a frustrating experience of trying to simply gain access rather than actually buying shares.

Also read: Dangote Refinery unveils IPO prospectus: Here’s all you need to know about the huge ₦2.15tn affair