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Dangote Refinery IPO: WayvePay Withdraws Promotional Materials After SEC Warning

WayvePay Withdraws Promotional Materials After SEC Warning – THISDAYLIVE

Kaode Tokede 

Following the Securities & Exchange Commission (SEC) warning to the investing public  ,   Wayve Microfinance Bank Limited, yesterday said it has withdrawn the relevant promotional materials and removed the associated link regarding Dangote Petroleum Refinery’s N2.15 trillion  Initial Public Offering (IPO)  from its mobile application. 

The SEC had warned the public against making capital-market investments through WayvePay, stating that the platform is not registered to offer such services.

The SEC said WayvePay was “not registered by the Commission to solicit investments from the public or operate in any capacity within the Nigerian capital market”.

WayvePay  in its response, stated that it  takes the SEC’s communication and the concerns raised seriously and remains committed to engaging constructively with the Commission and other relevant regulatory authorities to address the issues and clarify the circumstances surrounding the matter.

Wayve Microfinance Bank in a statement obtained by THISDAY explained that it is a financial institution licensed by the Central Bank of Nigeria (CBN), with eligible deposits insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable coverage limits and terms. 

“The Bank considers it important to clarify its regulatory status and distinguish its licensed banking operations from the specific matters raised in connection with the IPO.

“Regarding the IPO-related arrangement, the Bank wishes to clarify that its involvement was undertaken in partnership with Coronation Securities under a duly executed agreement between the parties. 

“Under this arrangement, the WayvePay digital banking platform was linked to Coronation Securities to facilitate the relevant IPO-related activities, with subscription funds directed to Coronation Securities rather than directly to Wayve Microfinance Bank Limited.

“Following the SEC’s communication, the Bank has withdrawn the relevant promotional materials and removed the associated link from its mobile application.  Since the publication of the promotional materials, no investors has subscribed for shares in the Dangote Petroleum Refinery and Petrochemicals IPO through the WayvePay platform,” the company said in statement.

The financial institution, however, said it is engaging with the appropriate regulatory authorities, providing relevant documentation and clarifying the circumstances surrounding the arrangement. 

“The Bank will continue to cooperate with the SEC and respond to the issues raised through the established regulatory processes.

“The Bank recognises the SEC’s important mandate to protect investors and promote confidence in Nigeria’s capital market. It remains committed to transparency, responsible business practices and compliance with the regulatory requirements applicable to its operations. 

“The Bank will continue to address the matter constructively and take appropriate steps in response to regulatory guidance,”  the statement added. 

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Jobberman Nigeria, Nigeria’s leading career development and recruitment solutions company, has launched ‘Her Next Move’, a campaign designed to empower young Nigerian women with practical skills and confidence to pursue career opportunities and participate more fully in the workforce. 

Through free online training, the initiative supports women aged 18 to 35 as they prepare to enter the workplace, advance into better roles or explore freelance and gig work.

Built around the message ‘Your Future. Your Skills. Your Move’, the campaign places female inclusion at the centre of career development, encouraging women to take an active role in shaping their professional futures. It connects the ambition to progress with an accessible starting point: learning skills that can help women prepare for their next opportunity.

‘Her Next Move’ recognises that career progress looks different for every woman. For a graduate, it may mean preparing for a first job. For a woman already working, it may involve developing the skills to take on greater responsibility or pursue a new role. For another, it may mean understanding how to navigate freelance work and participate in the global gig economy. The campaign brings these aspirations together through a shared emphasis on learning, preparation and action.

This Initiative by Jobberman in partnership with Mastercard Foundation promotes two courses: Jobberman Soft Skills Training and Becoming a Successful Global Gig Worker. Both courses are free, with a free certificate upon successful completion.

Jobberman Soft Skills Training focuses on workplace readiness, helping participants build the professional skills needed to navigate work and prepare for career progression. Becoming a Successful Global Gig Worker introduces participants to the demands and opportunities of freelance and gig work, supporting women interested in exploring career paths beyond traditional employment.

By making the training and certification available at no cost, ‘Her Next Move’ reduces the financial barrier to participation and encourages more young women to invest in their professional development. Its focus extends from raising awareness of learning opportunities to helping participants follow through and complete their chosen course.

To bring the campaign to life, Jobberman is working with young creators who are sharing personal stories about ambition, career transitions and the role of learning in their journeys. Through videos, social media posts and follow-up conversations, the creators encourage young women to reflect on their own goals and identify the practical steps they can take towards them.

These stories are intended to make career development relatable, connecting everyday aspirations with opportunities to learn. Across the campaign, the question “What is your next move?” invites women to define progress for themselves and begin preparing for it.

‘Her Next Move’ reinforces Jobberman’s and Mastercard Foundation’s commitment to supporting career development and expanding access to learning for young Nigerian women. By combining free skills training with relatable storytelling and encouragement to take action, the campaign seeks to help more women feel prepared to pursue their ambitions.

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