Bard Santner Opens Zimbabwe Route Into Dangote’s US$1.6bn IPO, With A US$20,000 Minimum And An October 2 Deadline

Harare-based financial advisory Bard Santner Inc is giving Zimbabwean investors a way into the US$1.6 billion initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, the world’s largest single-train oil refinery.

Through its subsidiary, Bard Santner Investors (BSI), the firm says it will guide clients through “every step” of the process, including documentation and compliance. In an investment note, BSI sets a minimum investment of US$20,000 for 50,000 shares. That matches the prospectus minimum for institutional-size applications: 50,000 shares at ₦525 (about US$0.40) each, or ₦26.25 million. Larger applications must be in multiples of 10 shares.

BSI prepares and lodges the application form, know-your-customer and compliance documents, and the exchange control and capital importation paperwork needed to preserve repatriation rights. Consultations on eligibility and allocation are free. Funds and applications must reach BSI by October 2, 2026, so they can be processed through the African Distribution Channel before the offer closes on October 13.

The subscription window opened on September 14 and closes on October 13, with trading expected to start on the Nigerian Exchange (NGX) main board in November. The refinery is selling 4.1 billion ordinary shares at ₦525 each, aiming to raise ₦2.15 trillion (about US$1.63 billion). That could rise to US$2.1 billion if the 30% greenshoe option is exercised.

The price values the company at between US$47 billion and US$49 billion. The offer represents roughly 3% of the company. Aliko Dangote will keep about 84.3%, and the Nigerian National Petroleum Company will hold 6.8%. Retail participation starts at just 10 shares, or ₦5,250 (about US$4).

Dangote rang the NGX opening bell in Lagos on September 14, days after signing the prospectus at the Eko Hotel. Demand was immediate: several Nigerian investment and fintech apps, including Cowrywise, crashed or slowed badly in the first hours as millions of retail investors tried to subscribe. The backlog cleared by the second day.

According to the prospectus, proceeds will help fund a US$14.3 billion expansion. The plan is to double capacity from 700,000 barrels per day (bpd) to 1.4 million bpd by 2029, add petrochemical and specialised diesel units, and build a coastal distribution plant in Kenya to serve East Africa.

The refinery, located in the Dangote Industries Free Zone in Lekki, Lagos, was commissioned in May 2023 and began commercial operations in January 2024. It passed performance tests at its original 650,000 bpd capacity in February 2026 and reached 700,000 bpd in June, so its nameplate capacity has been re-rated. Total investment reached about US$19 billion, more than double the initial US$9 billion budget, and is backed by US$12 billion in syndicated debt.

Finances have improved sharply. After a US$476 million loss in 2025, the refinery reported an after-tax profit of US$1.82 billion on US$13.9 billion in revenue in the first half of 2026. Supply disruptions linked to the Iran war lifted margins on refined products, and the refinery became Western Europe’s largest external supplier of jet fuel. Nigeria’s removal of fuel subsidies also let it sell to local marketers at import-parity prices. The plant already meets 57% of Nigeria’s domestic fuel demand.

Dangote pitched the offer as a hedge for ordinary savers, since the refinery’s revenues are largely dollar-linked and dividends could offset inflation and naira weakness.

Bard Santner is also behind Dangote’s push into Zimbabwe. Dangote first visited Harare in 2015 with plans for cement, coal and power, but bureaucracy, tariffs, economic instability and corruption stalled those efforts. The firm says it ran a 16-month private campaign, led by chief executive Senziwani Sikhosana with Tatenda Hungwe, Lucia Chingwaru and Josephine Mahachi. It pitched Zimbabwe’s reforms to Dangote at the Afreximbank Annual Meetings in Abuja.

That led to a deal signed with President Emmerson Mnangagwa in Harare in November 2025, worth over US$1 billion and potentially up to US$2 billion. It covers cement, limestone quarries, coal mining, fertiliser, power generation and fuel transport infrastructure. A key piece is a roughly 2,000-kilometre petroleum pipeline from Walvis Bay in Namibia through Botswana to Bulawayo, which would complement the Beira pipeline from the east coast.

Last month, Dangote met Botswana President Duma Boko to discuss a proposed US$3.5 billion regional fuel pipeline, a possible US$336 million cement plant, and a secondary listing of the refinery on the Botswana bourse.

Supporters say the overlap between the Zimbabwe investment deal and local access to the IPO, both handled by Bard Santner, shows a maturing domestic financial sector and a more favourable perception of Zimbabwe among global investors. It also points to the growing ability of African exchanges to host multi-billion-dollar offerings, and to more cross-border participation in them.

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