Bard Santner brings Dangote refinery shares to local investors

Zimbabwean financial advisory firm Bard Santner Inc has been appointed to facilitate local participation in Nigerian industrialist Aliko Dangote’s US$1,6 billion refinery share offer.

Through its investment arm, Bard Santner Investors (BSI), the Harare-based company is handling the Zimbabwean investor channel for the public offering by Dangote Petroleum Refinery and Petrochemicals FZE.

BSI is assisting eligible investors with applications, know-your-customer requirements, compliance documents, exchange-control procedures and capital-importation paperwork.

The firm has advised Zimbabwean clients to submit funds and completed applications by October 2, 2026, to allow processing ahead of the wider offer’s October 13 closing date.

“BSI offers clients facilitation for a minimum investment of US$20 000 for 50 000 IPO shares,” the company said in an investor notice.

The shares are being offered at 525 Nigerian naira each, placing the minimum BSI-facilitated application at 26,25 million naira. Applications above the minimum must be made in multiples of 10 shares.

BSI said it would meet prospective investors to confirm eligibility, discuss the intended allocation and assess participation against each client’s mandate and available liquidity.

IPO to fund refinery expansion

Dangote Petroleum Refinery is offering 4,1 billion ordinary shares at 525 naira per share. The primary offer is expected to raise approximately 2,15 trillion naira, or about US$1,63 billion.

The fundraising could rise to approximately US$2,1 billion if the 30 percent greenshoe or overallotment option is exercised.

The proceeds will support the expansion of the Lekki-based refinery and related petrochemical facilities. The company plans to increase production capacity from about 700 000 barrels per day to 1,4 million barrels per day by 2029.

The refinery was commissioned in 2023 and began commercial operations in January 2024. After completing performance testing, its capacity was upgraded from the original 650 000 barrels per day to 700 000 barrels per day.

The integrated facility, located within the Dangote Industries Free Zone in Lagos, represents an estimated investment of about US$19 billion.

The public offering follows a sharp improvement in the refinery’s financial performance.

Information circulated to investors shows that the business moved from a US$476 million loss during its 2025 ramp-up period to an after-tax profit of US$1,82 billion in the first half of 2026, on revenue of US$13,9 billion.

The refinery’s performance has been supported by rising production, demand for refined petroleum products and changes to Nigeria’s fuel-subsidy system, which allowed it to sell directly to local marketers at import-parity prices.

The company is expected to list the shares on the Nigerian Exchange in November.

Bard Santner’s growing Dangote link

Bard Santner’s role in the IPO follows its involvement in a wider Dangote investment programme linked to Zimbabwe.

The proposed investment package includes cement manufacturing, limestone and coal mining, power generation and fuel-transport infrastructure. A proposed petroleum pipeline from Namibia’s Walvis Bay through Botswana to Bulawayo is among the projects under discussion.

Dangote signed a Zimbabwe investment agreement with President Emmerson Mnangagwa in Harare last year. The billionaire has also held talks in Botswana on a proposed regional fuel pipeline, a cement plant and the possible secondary listing of his refinery on the local exchange.

For Zimbabwe, Bard Santner’s involvement in the IPO creates a direct route for local investors to access one of Africa’s largest industrial assets. However, prospective participants should review the official prospectus, verify all regulatory requirements and consider currency and market risks before investing.

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