A digital investment platform, Bamboo, has announced a 20 per cent cut in commissions on U.S. and Nigerian Exchange (NGX) stock trades after a system outage locked users out of the app during the opening day of the Dangote Petroleum Refinery’s initial public offering (IPO) on Monday.

In a statement signed by Chief Executive Officer Richmond Bassey, the company admitted that many users were unable to access their accounts, fund wallets, or place investment orders on the platform, admitting that the disruption undermined efforts by subscribers to participate in the Dangote IPO.

“We know we let you down and we take full responsibility,” the statement read, adding that the company’s infrastructure could not withstand the surge in demand triggered by investor interest in the offer.

Bamboo said the app has since been restored, with the company delaying a public announcement until it had confirmed system stability. It added that additional upgrades had been made to strengthen the platform against future demand spikes.

As part of measures to rebuild user confidence, the company said the 20 per cent commission reduction on trades would take effect from Wednesday and run until the end of September.

The company also moved to reassure investors that the Dangote Refinery IPO window remained open till 13 October, noting that allocation would not be on a first-come, first-served basis.