Strong interest from Nigerians living abroad in the Dangote Refinery’s N2.15 trillion share offering is being tempered by identity and address verification challenges, according to Chidozie David Okonkwo, Founder and Chief Executive Officer of Zinnc.
The offer, described as Africa’s largest share offering, is scheduled to close on October 13, with heavy retail demand reportedly placing pressure on some digital investment platforms.
Zinnc, which recently partnered with CardinalStone to facilitate diaspora participation in the offer, said Nigerians in the United Kingdom, United States and Canada have shown significant interest.
Okonkwo, however, said some prospective investors have been unable to complete their applications because the verification process relies heavily on Nigerian identification documents and addresses that many second-generation Nigerians abroad do not possess.
“The breakdown point is almost always identity and address verification,” Okonkwo said.
He explained that many diaspora investors have foreign passports, residential addresses and bank accounts that can be independently verified, but do not have the Nigerian documents required by existing onboarding processes.
According to him, the documentation challenge also highlights a broader issue of trust among Nigerians abroad who may be willing to invest in the country’s capital markets.
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Okonkwo said Nigerians abroad sent an estimated $22.8 billion in remittances to Nigeria in 2025, arguing that the figure demonstrates the substantial financial connection between the diaspora and the Nigerian economy.
He said the challenge was to create avenues through which part of that capital could move beyond remittances into ownership of Nigerian businesses and securities.
The Zinnc founder pointed to India’s experience as an example of how diaspora communities can evolve from being primarily remittance providers into significant sources of investment capital when suitable investment channels are created.
On regulation, Okonkwo said the identity and address requirements are overseen within the regulatory and market infrastructure involving the Securities and Exchange Commission (SEC) and Nigerian Exchange (NGX).
He said the requirements were designed around domestic investors and were not necessarily created to exclude Nigerians living abroad.
Okonkwo argued that foreign passports and equivalent documents could potentially be incorporated into verification processes without lowering compliance standards.
Under the Zinnc-CardinalStone arrangement, diaspora investors remain subject to the applicable verification requirements. Zinnc’s role, according to Okonkwo, is to simplify the process for investors applying from outside Nigeria and provide clearer guidance on the documentation required.
He also identified challenges beyond the initial investment process, including dividend payments, which may require Nigerian bank accounts, and the procedures involved in repatriating investment proceeds in foreign currency.
According to him, fintech companies can help address some of the onboarding difficulties through remote verification, digital document collection and clearer application processes.
However, he said issues involving dividends, banking and foreign exchange would require cooperation between financial institutions, market operators, fintech companies and regulators.
Okonkwo said discussions with stakeholders around the NGX and wider capital market indicate interest in improving access for diaspora investors, although practical questions remain about how such changes would be implemented.
He maintained that the Dangote offer had highlighted an opportunity extending beyond a single transaction, arguing that Nigeria’s large diaspora population could become a more consistent source of capital for the country’s capital markets if appropriate investment channels were developed.
For Zinnc, the objective is to help create those channels while working within the existing regulatory framework and alongside brokers, fintech companies and market regulators.