Zimbabwean financial advisory, Bard Santner Inc, which specialises in asset management, corporate finance, wealth management and remittances, finalising the historic US$1.6 billion Initial Public Offering (IPO) for the Dangote Petroleum Refinery and Petrochemicals FZE – the world’s largest single-train oil refinery – which closes today in the country.
Bard Santner Investors, a subsidiary of the company, has been specifically handling the process which whetted huge market appetite in Zimbabwe.
In its investment note with an October 2 deadline, Bard Santner Investors (BSI), describing itself as “your trusted partner in Zimbabwe to access the Dangote IPO”, says it guided investors through “every step” and handle documentation and compliance issues.
“As BSI we offer clients facilitation for a minimum investment of US$20 000 for 50,000 IPO shares.
The underlying Prospectus minimum is 50 000 shares at ₦525.00 (US$.40), being ₦26 250 000 (US$20 000).
Applications above the minimum must be in multiples of 10 shares,” the note says.
“Meet BSI’s team to confirm eligibility, agree the intended allocation and plan participation against mandate and liquidity constraints.
There is no charge for this consultation.
BSI prepares and lodges the Investor Application Form, KYC and complianced documentation, and the exchange control and capital importation paperwork
required to preserve repatriation rights.
Funds must be in place and applications submitted to BSI by 2 October 2026 to allow processing through the African Distribution Channel ahead of the 13 October 2026 close.”
According to the prospectus, capital raised from this primary offer will fund the multi-billion dollar expansion of the US$49 billion refinery’s nameplate capacity.
Dangote Petroleum Refinery and Petrochemicals FZE owns and operates a single-site, high-complexity integrated refining and petrochemicals complex located within the Dangote Industries Free Zone in Lekki, Lagos.
The facility was commissioned in May 2023, commenced commercial operations in January 2024, completed performance testing at its original 650 000 barrels-per-day (bpd) nameplate capacity in February2026, and subsequently achieved performance testing rates of up to 700 000 bpd in June 2026.
Its nameplate capacity has accordingly been re-rated to 700 000 bpd.
Total capital investment in the complex is about US$19 billion.
The current facility produces roughly 700 000 barrels per day (bpd), with a targeted growth roadmap to hit 1.4 million bpd by 2029.
On Monday, September 14, Africa’s richest man, Nigerian billionaire Aliko Dangote, the wealthiest black man in the world, stood before the trading floor of the Nigerian Exchange (NGX) in Lagos to ring the opening bell.
It was a moment draped in superlatives.
Just days prior at the Eko Hotel, Dangote had officially signed the prospectus for the public debut of the Dangote Petroleum Refinery and Petrochemicals FZE.
The launch triggered an unprecedented digital stampede.
Within hours of the subscription window opening, major retail investment and fintech apps across Nigeria — including platforms like Cowrywise — crashed or experienced severe downtime.
Millions of everyday citizens rushed to secure their piece of what Dangote dubbed the “People’s IPO.”
For a continent whose capital markets have historically been dominated by institutional titans and foreign conglomerates, the sight of local retail investors buying chunks of a mega-refinery via their smartphones for as little as ₦5 250 (about US$4) represented a massive cultural shift.
The backlog cleared by day two, leaving a definitive stamp on African financial history: the continent’s largest-ever public share sale was officially live.
In Zimbabwe, Bard Santner handled the IPO, its biggest transaction yet, only rivalled by the over US$1 billion investment deal it facilitated in November last year.
The IPO closes today in Zimbabwe.
