Education
Bard Santner handles Zimbabwe access to $1.6bn Dangote IPO – EnviroNews
– Advertisement –
Zimbabwean financial advisory firm, Bard Santner Inc., is facilitating local investor participation in the US$1.6 billion initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.
Bard Santner Investors (BSI), a subsidiary of the Harare-based firm, is handling the process for eligible Zimbabwean investors seeking access to the offering, which opened Sept. 14 and is scheduled to close Oct. 13.
In an investment note, BSI said it would guide investors through the application, know-your-customer and compliance requirements, as well as exchange-control and capital-importation documentation.
The firm said Zimbabwean investors can participate through a minimum investment of US$20,000 for 50,000 shares under its facilitation arrangement.
“The underlying Prospectus minimum is 50 000 shares at ₦525.00 (US$.40), being ₦26 250 000 (US$20 000),” BSI said in the note.
It said applications above the minimum must be made in multiples of 10 shares.
BSI said funds and applications must reach the firm by Oct. 2 to allow processing through the African Distribution Channel ahead of the Oct. 13 closing date.
The broader Dangote offering comprises 4.1 billion ordinary shares priced at 525 Nigerian naira each. The primary offer is seeking to raise about 2.15 trillion naira, equivalent to roughly US$1.6 billion, with a potential increase if the overallotment option is exercised.
The refinery is owned and operated by Dangote Petroleum Refinery and Petrochemicals FZE and is located within the Dangote Industries Free Zone in Lekki, Lagos.
The facility was commissioned in May 2023 and began commercial operations in January 2024. Its original 650,000-barrel-per-day nameplate capacity was subsequently re-rated to 700,000 barrels per day after performance testing.
Dangote has outlined plans to increase capacity to about 1.4 million barrels per day by 2029.
According to the information provided by BSI, the IPO proceeds will support expansion of the refinery and related petrochemical operations.
The offering is expected to give investors exposure to one of Africa’s largest industrial assets while expanding the investor base of the Nigerian capital market.
BSI’s involvement in the Dangote IPO comes after the company helped facilitate a major proposed Dangote investment programme in Zimbabwe.
The Zimbabwe investment, announced following discussions between Nigerian industrialist Aliko Dangote and President Emmerson Mnangagwa in November 2025, covers potential investments in cement manufacturing, limestone mining, coal mining, power generation and fuel transportation infrastructure.
A proposed petroleum pipeline linking Namibia’s Walvis Bay to Bulawayo through Botswana has also been associated with the broader investment programme.
Dangote subsequently held talks in Botswana over a proposed regional fuel pipeline, a potential cement plant and possible future listing arrangements for the refinery.
Bard Santner’s chief executive Senziwani Sikhosana and senior executives Tatenda Hungwe, Lucia Chingwaru and investment consultant Josephine Mahachi have been involved in the firm’s work around Dangote’s regional investment interests, according to information supplied by the company.
The Dangote IPO represents a major public offering for Nigeria’s capital market and has attracted interest from investors beyond Nigeria.
The refinery’s public offering gives investors an opportunity to acquire shares in an integrated refining and petrochemicals business that has become a significant part of Nigeria’s strategy to reduce reliance on imported refined petroleum products.
The refinery has a reported total capital investment of about US$19 billion and was designed as a high-complexity, single-site refining and petrochemical complex.
Dangote has said the expansion programme will increase refining capacity while adding petrochemical and other downstream processing facilities.
For Zimbabwean investors, BSI’s facilitation provides a route to participate in the Nigerian offering while meeting the documentation, compliance and exchange-control requirements associated with cross-border investment.
The shares are expected to begin trading on the Nigerian Exchange’s main board after completion of the offer process.
