Access Bank Botswana Opens Dangote Refinery Investment to Regional Investors
Access Bank Botswana Limited has opened an investment opportunity for Batswana and regional investors to acquire an interest in Dangote Petroleum Refinery through a Botswana Depository Receipts (BDRs) programme, with applications scheduled to close on October 27, 2026.
Dubbed “The People’s IPO,” the offering provides investors with access to Dangote Petroleum Refinery & Petrochemicals FZE through the Botswana Stock Exchange (BSE), eliminating the need to open investment accounts in Nigeria.
Under the programme, each BDR represents one Dangote Refinery share offered at ₦525, equivalent to approximately P5.85 per receipt in Botswana. The minimum application is 100 receipts.
Interested investors can apply through BSE member brokers in Botswana and licensed brokers in participating Southern African Development Community (SADC) markets.
The underlying shares are held in Nigeria by Access Bank Plc as custodian in a segregated account, with daily reconciliation and separation from the bank’s own balance sheet.
The initiative gained momentum following the Southern Africa Investor Roadshow held in Gaborone on October 14, 2026, where Dangote Group Founder and President, Aliko Dangote, presented the investment opportunity to regional investors.
The event was organised in partnership with the Botswana Stock Exchange and the Committee of SADC Stock Exchanges.
Access Bank Botswana Managing Director, Sheperd Aisam, said the programme was designed to make ownership of major African industrial assets more accessible to ordinary citizens, including first-time investors.
The investment opportunity is supported by the refinery’s reported financial performance. Dangote Refinery recorded unaudited revenue of US$22.5 billion and profit after tax of US$4.7 billion for the nine months ended September 30, 2026.
The facility also reportedly reached 105 per cent of its nameplate capacity in August 2026.
Proceeds from the initial public offering are expected to finance a second refining train, which would double the refinery’s capacity to 1.4 million barrels per day.
The issuer has also indicated its intention to declare dividends in US dollars, subject to applicable laws and regulations. However, dividend payments and investment returns are not guaranteed.
For Botswana, which relies heavily on imported refined petroleum products to support transportation, agriculture, mining and household consumption, the offering presents an opportunity for investors to participate in the ownership of a major African energy asset.
The BDR programme also provides a route for regional investors to access the Nigerian refinery through Botswana’s capital market framework.
The offer is scheduled to close on October 27, 2026. Interested investors have been advised to contact their stockbrokers for application procedures and carefully review the full prospectus, including the associated investment risks, before making a decision.
Access Bank Botswana Opens Dangote Refinery Investment to Regional Investors