For the first time, investors in Botswana and the participating SADC markets can take part in a landmark African initial public offering from their own exchange. The offering of Dangote Petroleum Refinery and Petrochemicals FZE (‘Dangote Refinery’), embraced as ‘The People’s IPO’, reaches Southern Africa through Botswana Depository Receipts (‘BDRs’) issued by Access Bank Botswana Limited as Unsponsored Depository, a first-to-market structure for the Botswana Stock Exchange (‘BSE’). The window to join the refinery’s first generation of public shareholders is now in its final days.
Botswana, like many of its neighbours, imports virtually all of the refined fuel that powers its homes, mines, farms and transport. The BDR programme changes that relationship, giving Batswana the chance to move from consumers of that fuel to part-owners of the refinery that produces it.
The structure removes the barriers that have historically kept African savers out of Africa’s largest industrial assets. Investors apply through any BSE member broker in Botswana, or through their local licensed broker in participating SADC markets, with no Nigerian account needed. Each BDR is backed one-for-one by a Dangote Refinery share at ?525.00, the same offer price available to investors in Nigeria. In Botswana, this means BWP 5.85 per BDR and a minimum of 100 receipts. The underlying shares are held in Nigeria by Access Bank Plc as custodian, in a segregated account that is reconciled daily and ring-fenced from the Bank’s own balance sheet.
Momentum has built steadily since the Southern Africa Investor Roadshow in Gaborone on 14 October 2026, where Mr. Aliko Dangote, Founder and President of the Dangote Group, presented the investment case in person. Convened with the BSE and the Committee of SADC Stock Exchanges (‘CoSSE’), the roadshow reached investors across the region through virtual hubs, turning a national listing into a regional event.
Access Bank
Sheperd Aisam, Managing Director of Access Bank Botswana Limited, said: ‘When we announced this programme, we spoke of a teacher in Francistown owning a piece of the largest refinery on the continent. That is now within reach. The People’s IPO means exactly what it says: the same share, at the same offer price, with the same protections, whether you sit on a pension fund investment committee in Gaborone or you are investing your first savings through a broker in Maun. Every Motswana who fills a tank, runs a farm or rides a combi already depends on Africa’s energy future; now they can own a share of it. When this offer closes on 27 October, the register of the refinery’s first public shareholders will be set, and Botswana’s investors will be on it. This is history in the making, and we are proud to have built the pathway to it. Speak to your stockbroker and be part of the People’s IPO.’
The opportunity rests on an asset that is already operating at scale. Dangote Refinery reported unaudited revenue of US$22.5 billion and profit after tax of US$4.7 billion for the nine months ended 30 September 2026, with refinery utilisation reaching 105% of nameplate capacity in August 2026. Proceeds from the offering will fund a second refining train, doubling capacity to 1.4 million barrels per day. The issuer has stated that it intends, subject to applicable laws and regulations, to declare dividends in US Dollars.
BDR applications close on 27 October 2026. Investors should read the full Prospectus here, including risk factors, and take independent advice before applying.