Access Bank Botswana opened an offer on 16 October covering a maximum of 1.299 billion certificates backed by shares in Dangote Petroleum Refinery, at an indicative price of 5.85 pulas per unit. Investors in Botswana and authorised regional markets may subscribe until 27 October at noon, local time.
The minimum application is set at 100 certificates, or 585 pulas, then in multiples of ten. The Botswana Stock Exchange has approved the offer and the listing plan, while the Non-Bank Financial Institutions Regulatory Authority granted the certificates local asset status on 15 October, according to Access Bank’s regulatory notice.
These instruments, known as Botswana Depository Receipts, each represent one ordinary share in the refinery. Access Bank Botswana must pool subscriptions and then request the allocation of the corresponding shares in Nigeria. The offer targets a maximum of 500 million dollars in regional subscriptions.
Results of the offer are expected on 17 November, before the planned transfer of shares to the depositary by 2 December at the latest, and a first listing in Gaborone on 14 December. This timetable remains indicative. The allocation depends on the number of shares obtained in the Nigerian initial public offering and on final admission of the certificates.
Holders should receive dividends and other benefits attached to the underlying shares through the depositary. They remain exposed to movements between the dollar, the naira and the pula, Nigerian foreign exchange rules, and a possible price gap between the certificate listed in Botswana and the share traded in Nigeria.
The transaction is described as unsponsored, as Dangote Petroleum Refinery is not a party to the Botswana prospectus, although Access Bank says it acts with the refinery’s knowledge and general agreement. The Nigerian offer covers 4.1 billion shares at 525 naira each and is also due to close on 27 October.
Aerial view of the Dangote refinery in Lekki, Nigeria, on 29 September 2026. Archive photo. FrankvEck / Wikimedia Commons, CC BY-SA 4.0. WebP conversion, no enlargement.