Stablecoins could expand diaspora access to Dangote Refinery IPO, says Graph Finance CEO

Stablecoins are creating new channels for diaspora investors to participate in Nigerian investment opportunities, including the Dangote Refinery initial public offering (IPO), according to Abdul Akubo, Founder and Chief Executive Officer of Graph Finance.

Akubo said stablecoins are evolving beyond cross-border payments into financial infrastructure for treasury management, dollar savings and investment, potentially making it easier for investors abroad to participate in local investment opportunities.

The IPO, which opened on September 14, 2026, was initially scheduled to close on October 13 but has been extended to October 27, 2026 to allow other African countries participate.

Subscribing to local investment offers

Speaking in a chat with Nairametrics, Akubo said digital dollar tokens could help diaspora investors subscribe to local investment offers while enabling businesses to move funds across markets more quickly.

• “We see African platforms using stablecoins to fund dollar savings, let diaspora investors subscribe to local offers like the Dangote Refinery IPO, and move treasury between markets in minutes,” Akubo said.

He added that the next phase of adoption would likely involve local-currency stablecoins, such as cNGN, and tokenised assets, with platforms that integrate these services into familiar banking and fintech applications best positioned to benefit.

Stablecoins offer new investment channels

Akubo said stablecoins are increasingly becoming part of the infrastructure connecting African businesses and investors to global financial markets.

Unlike conventional cross-border payment systems, which can involve several intermediary banks and lengthy settlement periods, stablecoins allow value to be transferred digitally, often within minutes.

He explained that businesses could receive dollar-denominated payments from international clients without waiting several days for correspondent banking transactions to clear.

• “At Graph, partner platforms saw USD collection volumes grow about tenfold once stablecoin deposits went live,” he said.

According to Akubo, the ability to hold digital dollars also allows businesses to retain earnings in a dollar-linked asset until they need to convert the funds or deploy them for other purposes.

The same infrastructure could support investment subscriptions, allowing diaspora investors to fund eligible local investment opportunities through digital platforms.

However, the availability of stablecoin payments does not automatically guarantee access to an IPO. Investors must still meet the relevant offering requirements, while platforms must comply with applicable securities, payment and foreign exchange regulations.

Stablecoins gain traction in cross-border payments

Akubo attributed the growing adoption of stablecoins among African businesses to transaction speed, accessibility and greater certainty over the dollar value of payments.

He said importers and exporters increasingly use the technology for transactions where delays in traditional banking channels can tie up working capital.

For example, an importer paying a supplier in China or an exporter receiving funds from Europe may face delays caused by intermediary banks, compliance checks and requests for additional information.

Stablecoins can provide an alternative settlement route, operating around the clock and potentially reducing transaction times.

• “Traditional cross-border payments can take days, pass through several intermediary banks, and often stall on information requests,” Akubo said.
• “Stablecoins settle in minutes, around the clock, at a predictable cost. Banks still matter, but for many trade flows, stablecoins have become the faster leg of the journey.”

He noted that stablecoins also allow businesses to retain dollar-denominated balances, which can be useful in markets where access to foreign exchange is constrained.

Nigeria moves towards regulated digital assets

On regulation, Akubo said Nigeria’s framework is moving towards formal oversight of digital assets rather than an outright prohibition.

• He said the Investments and Securities Act 2025 provides a framework for regulating digital and virtual assets, including stablecoins, with the Securities and Exchange Commission (SEC) playing a central role.
• He added that regulatory requirements covering registration, capital, disclosures and anti-money laundering compliance are important in establishing a more structured market.
• Akubo also pointed to the Central Bank of Nigeria’s engagement with crypto operators through regulatory initiatives as part of the evolving oversight environment.

He said greater regulatory clarity could encourage adoption by giving businesses and fintech platforms a clearer understanding of their obligations.

However, he identified compliance at the point where stablecoins are converted into naira or dollars as a major operational risk for Nigerian fintech companies.

• “Every stablecoin deposit has to be traced to a known customer and screened before it becomes naira or dollars in a bank account,” he said.
• “If that step is weak, a fintech company risks frozen accounts, RFIs from correspondent banks, or regulatory action.”

Akubo said Graph Finance screens on-chain deposits and settles partner platforms in US dollars so that the platforms do not have to hold stablecoins on their own balance sheets.

Trust and access remain barriers for small businesses

Despite the potential benefits, Akubo said trust and access to compliant payment channels remain significant barriers to widespread stablecoin adoption among micro, small and medium-sized enterprises (MSMEs).

He explained that some businesses receive payments in stablecoins but lack convenient, regulated channels to convert the funds into money held in their bank accounts.

As a result, some rely on informal peer-to-peer traders, exposing themselves to potential fraud and counterparty risks.

Low awareness and uncertainty over tax treatment also contribute to hesitation among businesses considering the technology.

• “Adoption will scale when stablecoins sit quietly inside the banking and fintech apps MSMEs already use,” he said.

He argued that integrating stablecoin services into familiar financial applications would make them easier to use while reducing the need for businesses to navigate separate digital asset platforms.

Stablecoins evolve beyond payments

Akubo said the future of stablecoins in Africa would extend beyond transferring money to include treasury management, savings and investment.

He identified local-currency stablecoins and tokenised assets as emerging areas that could expand the range of financial products available through digital platforms.

• As these services develop, he said, the ability to connect blockchain-based transactions with compliant banking infrastructure would become increasingly important.
• For Nigeria, the potential application to diaspora investment could provide another route for connecting foreign capital with domestic investment opportunities.
• The Dangote Refinery IPO illustrates how digital financial infrastructure could support participation in local offers by investors living abroad, provided the relevant investment and regulatory requirements are met.

Akubo said the long-term opportunity lies in making these services function like conventional banking products, allowing businesses and investors to benefit from faster settlement and broader access without having to manage the underlying technical complexity.

Senator Izunaso challenges SEC on tokenization

Recently, Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market and Institutions, challenged the Securities and Exchange Commission (SEC) to accelerate regulations for digital assets and tokenisation, warning that delays could cost Nigeria emerging investment opportunities.

His intervention comes despite the recognition of digital assets under the Investments and Securities Act 2025 and the SEC’s subsequent proposals for regulating real-world asset tokenisation platforms.

Izunaso questioned Nigeria’s readiness to participate in the growing international tokenisation market, arguing that clearer regulatory arrangements were needed to support investment opportunities.

The senator raised concerns about delays affecting land and asset tokenisation, urging the SEC and other relevant authorities to accelerate their work, noting that digital assets were already being traded internationally.