Business
Dangote Refinery Opens New Investment Route
BirrMetrics · 3 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
Access Bank Botswana has launched a depository receipts program targeting up to $500 million to allow African investors to acquire shares in the Dangote Petroleum Refinery.
- Access Bank Botswana has opened an investment channel for African investors to buy shares in Dangote Petroleum Refinery and Petrochemicals.
- The depository receipts program targets up to 500 million US dollars in subscriptions from Botswana and participating Southern African markets.
- Investors can purchase securities linked to the Nigerian refinery through the Botswana Stock Exchange without opening accounts in Nigeria.
- The offering closes on October 27, 2026, with trading scheduled to begin on December 14.
- The program is part of a wider initial public offering by Dangote Petroleum Refinery seeking to raise approximately US dollars 1.6 billion by selling up to 4.1 billion ordinary shares at 525 Nigerian naira each.
- The refinery in Lekki, Nigeria, has a processing capacity of approximately 700,000 barrels per day, which is planned to double to 1.4 million barrels per day by 2029.
- Each Botswana Depository Receipt represents one ordinary share in the refinery, with an indicative price of 5.85 Botswana pula per receipt and a minimum subscription of 100 receipts.
- Access Bank Plc in Nigeria serves as the custodian of the underlying shares.
- The refinery reported revenue of US dollars 13.9 billion and profit of US dollars 1.82 billion for the six months ended June 30, 2026.
- Dangote Group and Ethiopian Investment Holdings signed a shareholders' agreement in August 2025 for a 2.5 billion US dollar fertiliser manufacturing complex in Gode, Ethiopia.
- Dangote Group holds 60 percent of the venture, while EIH holds 40 percent.
- The total investment commitment for the Ethiopian fertiliser project exceeds four billion US dollars.
- An investor roadshow was held in Addis Ababa on October 15 to introduce the refinery's public offering to eligible Ethiopian investors.
- Dangote announced plans to make at least 10 percent of the Ethiopian fertiliser venture available to investors through the Ethiopian Securities Exchange once the Gode facility reaches stable production.
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