Botswana has been selected to host trading in shares of Dangote Petroleum Refinery and Petrochemicals FZE for Southern African investors, giving the country a prominent role in the refinery’s planned $2.1 billion initial public offering (IPO).
Collen Tapfumaneyi, chairman of the Committee of Southern African Development Community (SADC) Stock Exchanges, confirmed that the region’s 14-member exchange network had chosen Botswana as the market through which Southern African investors can participate in the offering.
The development expands access to the share sale beyond Nigeria as Africa’s largest oil refinery seeks fresh capital to finance an ambitious expansion programme.
The refinery, owned by Nigerian billionaire Aliko Dangote, is seeking to raise $2.1 billion through an offering of 4.1 billion shares. The funds are expected to support its next phase of growth as it targets a significant increase in processing capacity by 2030.
Dangote Refinery has extended the closing date of its IPO to October 27, 2026, from the original October 13 deadline, providing investors across African markets with additional time to participate.
The offering was launched on September 14 as the company seeks to widen its investor base and secure funding for its long-term expansion plans.
East African investors have been allocated nearly 20% of the shares on offer, representing as much as $300.4 million if the allocation is fully subscribed.
Uganda has also opened its capital market to the offering after the country’s Capital Markets Authority approved the promotion and distribution of the refinery’s securities to local investors.
The approval followed an application submitted on behalf of the refinery by Stanbic IBTC Capital, creating another channel for African investors to participate in the share sale.
The selection of Botswana and the opening of Uganda’s market reflect the refinery’s efforts to broaden participation across regional capital markets.
