Bamboo, Cowrywise face disruption from Dangote Refinery IPO traffic surge
Bamboo and Cowrywise experienced service disruptions on Monday, 9 September 2026, as a surge of users tried to subscribe to Dangote Petroleum Refinery’s initial public offering. The investment platforms confirmed the issues in separate posts on X, saying unusually high traffic made it difficult for some users to log in and that their teams are working on fixes.
The Dangote Refinery IPO commenced the same day, offering 4.1 billion ordinary shares at ₦525 per share until 13 October 2026. The offer aims to raise ₦2.15 trillion and bring in 10 million African retail investors, with a minimum subscription of 10 shares (₦5,250). A greenshoe option allows underwriters to sell an additional 30% of shares if demand exceeds supply. Proceeds will finance expanding the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day by 2030.
The traffic overload highlights the immense public interest in the IPO but also exposes limits of local investment apps during high-demand events. Users attempting to buy shares faced login errors or delayed access, potentially missing the initial pricing window.
While Bamboo and Cowrywise work to restore normal service, investors may want to monitor the platforms for updates, consider using alternative brokerage channels, or wait for the congestion to clear before trying to subscribe. The IPO remains open for over a month, giving time for resolved access.