15 Oct 2026

GABORONE -Access Bank Botswana has 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). A press release form the banks says 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. According to the release, 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. ENDS