Zimbabweans get until Oct 21 to buy Dangote refinery shares

Zimbabwean investors have until Wednesday to apply for shares in Aliko Dangote’s refinery through a regional depositary receipt programme, as the Nigerian company extends efforts to attract investors across Africa.
The Financial Securities Exchange (FINSEC) extended the application deadline for Zimbabwe-based investors to 21 October, from the original 9 October closing date, according to a report by The Herald.
The local offer opened on 29 September and is linked to the wider initial public offering of Dangote Petroleum Refinery and Petrochemicals, whose closing date was moved from 13 October to 27 October by Nigeria’s Securities and Exchange Commission.
FINSEC’s earlier deadline is intended to allow time for application verification, exchange-control documentation, regulatory approvals and the transfer of subscriptions to Nigeria.
The indicative price is 40 US cents per depositary receipt, although the final amount may change depending on exchange-rate movements. Investors are required to submit completed application forms and exchange-control declarations, with funds returned where the documentation is incomplete.
The minimum investment for Zimbabwean applicants is $100, with subscriptions available through the C-TRADE platform and EcoCash, according to BusinessDay.
The regional programme is anchored in Botswana, where Access Bank Botswana plans to issue up to $500m in depositary receipts. Trading is expected to begin on 14 December.
Refinery chief executive David Bird said the extension would help broaden participation across the continent.
“We welcome the SEC’s approval of the extension,” he said.
The Zimbabwe offer forms part of the refinery’s wider effort to attract African investors. Kenya has cleared access for investors through depositary receipts, while Uganda and Ethiopia have restricted participation to professional and wealthy investors. Rwanda and Egypt have also been exploring arrangements to enable local investors to participate.
The refinery said subscriptions had come from more than 90 countries, including 51 of Africa’s 54 nations.
The company is offering 4.1 billion shares at ₦525 each, seeking to raise about ₦2.15tn, or $1.6bn, in what has been described as Nigeria’s largest initial public offering.
The proceeds are expected to support plans to increase the refinery’s capacity to 1.4 million barrels per day and expand fuel storage and distribution infrastructure.