Access Bank Targets $500M for Dangote Refinery via Botswana Securities

Access Bank Botswana has launched an investment channel allowing investors to acquire shares in Nigeria's Dangote Petroleum Refinery via a depository receipts program. Targeting up to $500 million in subscriptions from Botswana and Southern African markets, the initiative allows trading on the Botswana Stock Exchange without requiring accounts in Nigeria. The offering, which closes on October 27, 2026, supports Dangote's wider plan to raise $1.6 billion to double its refining capacity to 1.4 million barrels per day by 2029. Investors can purchase Botswana Depository Receipts (BDRs) pegged to the refinery's ordinary shares. This move aligns with Dangote Group’s broader African expansion, which includes a $2.5 billion fertilizer complex currently under construction in Gode, Ethiopia, in partnership with Ethiopian Investment Holdings.