Botswana lands key role in Dangote Refinery’s $2.1billion IPO across Southern Africa

By Jerry  Published On October 14, 2026

Botswana has been selected to host trading in shares of Dangote Petroleum Refinery and Petrochemicals FZE for Southern African investors, giving the relatively small stock market a prominent role in the continent’s largest initial public offering (IPO) to date.

Collen Tapfumaneyi, chairman of the Committee of Southern African Development Community (SADC) Stock Exchanges, which has 14 members, confirmed that the region’s exchanges had chosen Botswana as the host market for the offering.

The decision comes as the $20 billion Nigerian refinery seeks to raise $2.1 billion to fund an expansion that would double its processing capacity by 2030.

Dangote Refinery has extended its IPO closing date to October 27 from the original October 13 deadline, giving investors across Africa additional time to participate.

Launched on September 14, the offering involves the sale of 4.1 billion shares.

Nearly 20% of the shares have been allocated to East African investors, representing up to $300.4 million if the allocation is fully subscribed.

Uganda has also opened its market to the offering after its 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.

The refinery, owned by Africa’s richest man, Aliko Dangote, can currently process 700,000 barrels of crude oil daily. It plans to double that capacity by 2030 through a proposed $14.3 billion expansion.

The fundraising comes as the business reports a significant financial turnaround. The refinery recorded a net profit of $4.725 billion, reversing a loss in the corresponding period last year, according to a statement released on Tuesday.

Revenue more than doubled to $22.5 billion as the facility processed up to 700,000 barrels of crude oil per day.

The IPO could help finance the refinery’s next growth phase while giving investors across multiple African markets an opportunity to participate in one of the continent’s most ambitious industrial projects.

Source: Africabusinessinsider


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