Nigeria Magazine
London
Thursday, 16 October 2026
Botswana to Host Dangote Refinery IPO Trading for Southern Africa in Africa’s Biggest Share Sale
Botswana has been selected to host the Southern African trading hub for Dangote Petroleum Refinery’s historic Initial Public Offering, positioning its relatively small stock market at the centre of what is being described as Africa’s largest IPO to date.
Dangote Refinery has extended its IPO closing date to October 27, 2026, from the original October 13 deadline, to widen access for investors across the continent. The offer comprises 4.1 billion ordinary shares at 525 Naira each, targeting about 2.15 trillion Naira or roughly 1.6 billion dollars, rising to 2.1 billion dollars if an over-allotment option is exercised.
Nearly 20 percent of the shares, worth up to 300.4 million dollars, have been allocated to East African investors, signalling a strong pan-African push. Uganda’s Capital Markets Authority approved participation on October 6 following an application by Stanbic IBTC Capital, while Kenya approved a global depository receipt arrangement for eligible investors. The approval in Uganda is restricted to professional and high-net-worth investors via licensed intermediaries, but it creates a new channel for cross-border investment in one of the continent’s largest industrial projects.
The proceeds will fund a 14.3 billion dollar expansion programme to double the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day by 2030. The refinery, built at a cost of 20 billion dollars near Lagos and the world’s largest single-train refinery, is targeting a valuation of close to 50 billion dollars at listing.
The share sale has been supported by a financial turnaround, with the company recently reporting a net profit of 4.725 billion dollars, reversing a loss in the corresponding period last year, while revenue more than doubled to 22.5 billion dollars. The company says it aims to attract up to 10 million retail investors across Africa.
