A US$1.6 billion initial public offering for Dangote Petroleum Refinery and Petrochemicals FZE, the operator of the 700,000-barrel-per-day Lekki refinery complex in Lagos, opened Sept. 14 and closes Oct. 13 — and Harare-based financial advisory firm Bard Santner Inc. is building a channel for Zimbabwean investors to buy in.

Bard Santner Investors (BSI), a subsidiary of the Harare firm, is handling applications for eligible Zimbabwean investors and guiding them through the know-your-customer, compliance, exchange-control and capital-importation documentation that cross-border participation requires. The firm set the minimum entry at 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 an investment note. Applications above the minimum must be in multiples of 10 shares. Funds and applications must reach the firm by Oct. 2 to allow processing through the African Distribution Channel ahead of the Oct. 13 close.

The offering itself comprises 4.1 billion ordinary shares priced at 525 naira each. The primary offer targets roughly 2.15 trillion naira, or about US$1.6 billion, with a potential increase if the underwriters exercise the overallotment option. Shares are expected to begin trading on the Nigerian Exchange's main board once the offer process completes.

The asset behind the paper

The refinery sits within the Dangote Industries Free Zone at Lekki, on the outskirts of Lagos. Commissioned in May 2023, it began commercial operations in January 2024. Its original 650,000-bpd nameplate capacity was re-rated to 700,000 bpd after performance testing — a rare upward revision for a greenfield mega-refinery and one that already positions it as the largest single-site refinery in Africa.

Total capital investment in the complex is reported at about US$19 billion, configured as a high-complexity, integrated refining and petrochemical operation. Dangote has outlined plans to lift capacity to roughly 1.4 million bpd by 2029, with the expansion adding petrochemical and other downstream processing units. According to information supplied by BSI, the IPO proceeds will support that expansion of the refinery and related petrochemical operations.

The offering gives investors exposure to an asset that has become central to Nigeria's effort to cut its reliance on imported refined products, while broadening the shareholder base of the Nigerian capital market. Interest has reportedly extended beyond Nigeria's borders.

The Zimbabwe connection

BSI's role in the IPO follows its facilitation of a proposed Dangote investment programme in Zimbabwe. That programme, announced after talks between 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 port to Bulawayo through Botswana has also been associated with the broader programme. Dangote subsequently held talks in Botswana over the regional fuel pipeline, a potential cement plant and possible future listing arrangements for the refinery.

These regional projects remain at the discussion or proposal stage — distinct from the sanctioned, operating refinery at Lekki that anchors the IPO. Bard Santner chief executive Senziwani Sikhosana, senior executives Tatenda Hungwe and Lucia Chingwaru, and investment consultant Josephine Mahachi have been involved in the firm's work around Dangote's regional interests, according to information supplied by the company.

Watch items

For investors, the near-term dates are firm: BSI's Oct. 2 internal deadline for funds and applications, and the Oct. 13 offer close. The trading debut on the Nigerian Exchange main board follows completion of the process. Longer term, the market will track whether the overallotment option is exercised — which would lift the raise above US$1.6 billion — and whether the 1.4-million-bpd expansion by 2029 stays on schedule.