Zinnc CEO Discusses Diaspora Challenges in Dangote IPO

The Dangote Refinery's N2.15 trillion IPO, Africa's largest, has seen significant retail demand, but Nigerians living abroad encounter hurdles in participating, as stated by Chidozie David Okonkwo, Founder and CEO of Zinnc. Zinnc has partnered with CardinalStone to facilitate diaspora investment.

Okonkwo noted that many potential investors from the UK, US, and Canada struggle with identity and address verification, primarily because the process requires a Bank Verification Number (BVN) and a Nigerian address, which many second-generation Nigerians do not possess. Instead, they hold foreign passports and bank accounts.

Okonkwo emphasized that trust issues underpin these verification challenges. Despite these barriers, there is strong interest among diaspora Nigerians, with an estimated $22.8 billion sent to Nigeria in 2020, indicating a readiness to invest if verification processes are improved.

The IPO is set to close on 13 October.