The initial public offering (IPO) of Nigeria's Dangote Refinery has been opened for subscription by on-chain users through Solana. This project, located on the outskirts of Lagos, has a total investment of about $20 billion. NectarFi indicates that users can participate in the subscription using stablecoins, marking the first time that on-chain channels have undertaken the issuance of such a large-scale local asset.

Refinery IPO connects to Solana

Since its commissioning in 2024, the Degte Refinery has significantly transformed Nigeria's fuel market. Reports indicate that the facility currently processes approximately 650,000 to 700,000 barrels of crude oil per day and has become one of the largest suppliers of external aviation fuel to Europe since June of this year.

Dangote plans to use the funds raised from IPO for subsequent expansion and to enhance the company's capacity to supply refined oil to the Nigerian and international markets. The company's founder, Aliko Dangote, referred to this issuance as "a IPO for the public," emphasizing that ordinary Nigerians should also have the opportunity to own shares in the refinery.

New wallets dominate subscriptions

Early statistics from Afriflux show that among 103 buyers on the chain, 69 completed their subscriptions on Solana through NectarFi, accounting for about 80%. Of these 69 wallets, 53 were newly created within 48 hours before the first purchase.

• Creating a new wallet costs NectarFi. Most people opt to subscribe for wallets.
• These wallets contributed 93% of the subscribed shares.
• A total of 103 on-chain addresses were early buyers.

This data indicates that on-chain subscriptions are not necessarily just providing an additional purchasing option for existing cryptocurrency users; they may also be bringing new participants into the on-chain capital market.

Solana RWA Transaction Expansion

This issuance is also in line with the expansion trend of real asset tokenization on Solana. Data from Allium shows that over the past year, tokenized stocks accounted for 56% of the trading volume of Solana RWA in spot markets, with 63% of these transactions occurring outside of the regular trading hours of the U.S. market.

At the same time, the number of tokenized stock holders on the Solana network has exceeded 800,000, setting a new high. For Solana, this kind of local asset going onto the blockchain is not just the implementation of a single project; it is also a test to see whether the "internet capital market" can directly connect regional financial assets to users around the world.