Botswana has secured the role of host trading venue for the Southern African portion of the Dangote Petroleum Refinery share sale, with Access Bank Botswana appointed to issue depositary receipts that are expected to raise about $500m (R8.2bn) through the local market.
Access Bank Botswana managing director Sheperd Aisam confirmed the bank’s role. The receipts form part of a wider initial public offering through which the Nigerian refinery, controlled by Africa’s richest man, Aliko Dangote, aims to raise $1.6bn (R26.3bn) by selling 4.1 billion shares.
Each depositary receipt represents a share held in custody in Nigeria, allowing investors in other markets to gain exposure without trading on the Nigerian Exchange. The structure was proposed on 28 September by the Committee of SADC Stock Exchanges (CoSSE) and the Botswana Stock Exchange (BSE), and is designed to concentrate regional trading on a single exchange rather than spreading liquidity across several.
Dangote refinery IPO: key figures
| Item | Figure |
| Target raise | $1.6bn (R26.3bn) |
| Shares offered | 4.1 billion |
| Expected raise via Botswana receipts | About $500m (R8.2bn) |
| Possible valuation | Close to $50bn (R822bn) |
| Refinery capacity | 700,000 barrels a day |
| After-tax profit, H1 2026 | $1.82bn (R29.9bn) |
| Offer closing date | 27 October (extended from 13 October) |
The IPO opened on 14 September and has been extended by two weeks to 27 October, with Nigeria’s Securities and Exchange Commission approving the change to give more investors across Africa time to take part. The company said subscriptions had exceeded its original target. The offer could value the refinery at close to $50bn (R822bn).
Kenya has taken a parallel route. Its Capital Markets Authority approved a global depositary receipt arrangement submitted by Renaissance Capital Kenya, with the receipts due to list on the Nairobi Securities Exchange on 8 December, subject to approvals.
Botswana lobbied for the role at the highest level, with President Duma Boko, vice-president and finance minister Ndaba Gaolathe and BSE chairperson Neo Mooki involved in talks. Mooki told the Lagos launch that Botswana was not seeking to replace Nigeria as the primary market but wanted to be included from the start. Local pension funds, with assets of more than P176bn (about R218bn), have signalled strong interest, and Dangote has said demand from Botswana and Kenya alone could absorb the amount being sought.
For the BSE, the deal tests its ambition to act as a regional capital-raising hub. Its equity market is valued at about $70bn (R1.15trn), against about $120bn (R1.97trn) for Nigeria, and it already lists large companies such as Anglo American. Implementation still depends on transaction documents, service providers and regulatory approvals in Botswana, Nigeria and participating SADC markets.
The refinery outside Lagos reached its full capacity of 700,000 barrels a day in February and reported after-tax profit of $1.82bn (R29.9bn) in the first half of 2026. Dangote has also said he is considering a US listing within four years.