Business Reporter
THE investment initiative connecting southern African investors to Dangote Petroleum Refinery and Petrochemical FZE is gaining regional momentum, with a recent investor roadshow in Botswana demonstrating the commitment of participating capital market institutions and the direct involvement of the Dangote group’s leadership.
Jointly hosted in Gaborone by the Botswana Stock Exchange (BSE) and Access Bank Botswana, the roadshow brought together regional exchange heads, institutional investors, capital-market stakeholders and senior representatives of the Dangote Group.
Discussions centred on the issuance of Botswana Depository Receipts (BDRs) as part of the Dangote Group’s multi-billion-dollar initial public offering.
The offering provides regional investors with a direct stake in the refinery through accessible domestic depository receipts.
To accommodate robust regional interest and ensure comprehensive institutional and retail uptake, the issuer has since extended the participation window from its original closing deadline of October 13 to 27, 2026.
A major highlight of the roadshow was the participation of Mr Aliko Dangote, founder and president of the Dangote Group, alongside group chief financial officer Murat Erden.
Their presentations provided investors with direct insights into the vision behind the refinery, its contribution to African industrialisation and the investment opportunity.
The engagement reinforces the importance of direct dialogue between the company whose shares underpin the investment and the institutions facilitating regional investor participation.
The roadshow provided a platform for participants to engage directly with the Dangote Group’s leadership through presentations and an interactive question-and-answer session.
This allowed investors to raise questions and seek clarification on aspects of the transaction.
For the Committee of SADC Stock Exchanges (CoSSE), which is coordinating and supporting regional participation in the initiative, such engagements are essential to promoting investor understanding and strengthening cooperation across Southern African capital markets.
CoSSE chairperson, who is also the Financial Securities Exchange (FINSEC) chief executive, Mr Collen Tapfumaneyi, highlighted the potential benefits of the issuance for the region and the avenues through which investors across member exchanges could access the opportunity.
“This initiative presents an opportunity to rewrite the story of African capital markets by demonstrating how capital can flow across borders to finance African enterprise.
It offers a practical precedent for deeper cooperation among exchanges, financial institutions and regulators across jurisdictions, bringing us closer to a future where African investors can access opportunities across the continent through connected markets,” said Mr Tapfumaneyi.
“In many ways, we are beginning to see what a more integrated, borderless African investment landscape could look like, with African capital playing a greater role in building Africa’s industrial future,” he added.
Access Bank Botswana managing director Mr Shep Aisam outlined the BDR structure, while BSE board chairperson Ms Neo Mooki highlighted the exchange’s role in facilitating cross-border investment and expanding opportunities within Africa’s capital markets.
The participation of these institutions, alongside the Dangote Group’s senior leadership, demonstrates the collaborative nature of the initiative and the importance attached to engaging investors directly.
The issuance reflects a broader ambition to deepen regional capital-market integration by enabling investors to explore opportunities in major African enterprises through domestic-market arrangements.
For Zimbabwe and other participating markets, the initiative presents an opportunity to broaden investment choices and potentially connect regional savings with significant African industrial projects.
However, investor confidence must be supported by transparent disclosure and a clear understanding of the investment’s terms, risks, fees, liquidity, currency exposure and applicable regulatory requirements.
Prospective investors should review the relevant offer documentation and establish the rights attached to the depository receipts before making investment decisions.
The Botswana roadshow’s interactive format provided a constructive setting for these discussions, with the Dangote Group’s leadership and regional capital-market stakeholders together in direct engagement, a constructive step towards informed investor participation and stronger regional investment cooperation.
