A FIRST TO Market; Access Bank Botswana takes Depository Role in US$500 Million Dangote Refinery Unsponsored Depository Receipts Listing on the Botswana Stock Exchange
Access Bank Botswana Limited is pleased to announce its role as Unsponsored Depository and issuer of the Botswana Depository Receipts ('BDRs') linked to Dangote Petroleum Refinery & Petrochemicals FZE ('Dangote Refinery'), which are proposed to be listed exclusively on the Botswana Stock Exchange ('BSE').
In its capacity as Depository, Access Bank Botswana intends to facilitate an offering of up to US$500 million in Dangote Refinery shares through the issuance of BDRs to investors in Botswana and the participating SADC markets. The BDRs are expected to commence trading on the BSE on 14 December 2026.
Dangote Refinery operates the world's largest single-train refinery, with a processing capacity of 700,000 barrels per day. For the period ended 30 June 2026, the company reported revenue of US$13.9 billion and profit of US$1.82 billion. Its Nigerian initial public offering of up to 4.1 billion shares at ₦525.00 per share could raise approximately US$1.58 billion to support plans to double its capacity to 1.4 million barrels per day by 2029.
Access Bank Botswana will act as the legal issuer of the BDRs, with the underlying Dangote Refinery shares held in Nigeria through Access Bank Plc, in its capacity as custodian. Each BDR will be backed on a one-for-one by an underlying Dangote Refinery share, held in a segregated account that is reconciled daily and ring-fenced from the Bank's own balance sheet. BDR holders will be entitled to the dividends and other corporate benefits attached to the underlying shares, in accordance with the applicable terms. They will also receive relevant audited information made available to shareholders of Dangote Refinery in Nigeria. Investors will be able to transact through their existing local brokers, without needing to open an account in Nigeria.
With Access Bank Group’s presence in both Lagos and Gaborone, the initiative connects the Nigerian market with Botswana’s capital market infrastructure, providing a new route for Botswana and participating regional investors to access the shares of one of Africa’s major industrial enterprises.
Sheperd Aisam, Managing Director of Access Bank Botswana Limited, said: 'Historic moments in capital markets are rarely built in a day. This listing is the product of years of work by the exchanges of our region to prove that Africa's capital can move across its own borders, to its own opportunities, through its own institutions. We are honoured that the BSE and CoSSE have trusted Access Bank Botswana to stand as the bridge between Gaborone and Lagos, and we carry that trust with humility.
Every BDR we issue is a promise: that a teacher in Francistown, a pension fund in Gaborone or an asset manager in Windhoek can own a piece of the largest refinery on the continent on exactly the same terms, with the same protections, as any investor in Nigeria. That is what integration looks like when it leaves the conference room and reaches the investor. We believe this is the first of many.
Investors in Botswana may apply through any BSE member broker, and investors in participating SADC markets through their local licensed broker, before the BDR application cut-off. The BDR Prospectus will be released to the market on 15th October 2026. Investors should read the Prospectus fully, including the risk factors, and take independent advice.