Access Bank Botswana opened an offer on October 16 for up to 1.299 billion receipts backed by shares in Dangote Petroleum Refinery, at an indicative price of 5.85 pula each. Investors in Botswana and authorised regional markets can subscribe until noon local time on October 27.
The minimum application is 100 receipts, or 585 pula, followed by multiples of ten. The Botswana Stock Exchange approved the offer and proposed listing, while the non-bank financial regulator granted it local asset status on October 15, according to Access Bank’s regulatory notice.
The instruments, known as Botswana Depository Receipts, each represent one ordinary share in the refinery. Access Bank Botswana is to aggregate subscriptions and then apply for the corresponding allocation of shares in Nigeria. The 500 million dollar ceiling is a regional subscription target, not money already raised or an investment from the bank’s own funds.
Results of the offer are expected on November 17, before the underlying shares are due to be credited to the custodian by December 2 and trading in Gaborone is scheduled to start on December 14. The timetable is indicative. Allocation depends on the shares secured in the Nigerian initial public offering and final admission of the receipts.
Holders are to receive dividends and other benefits attached to the underlying shares through the depositary. They remain exposed to movements between the dollar, naira and pula, Nigerian exchange controls and a possible price gap between the receipt traded in Botswana and the share traded in Nigeria.
The programme is unsponsored because Dangote Petroleum Refinery is not a party to the Botswana prospectus, although Access Bank says it was arranged with the company’s knowledge and general approval. The Nigerian offer covers 4.1 billion shares at 525 naira each and is also due to close on October 27.
Aerial view of the Dangote refinery in Lekki, Nigeria, on September 29, 2026. Archive photograph. FrankvEck / Wikimedia Commons, CC BY-SA 4.0. Converted to WebP without upscaling.