Deadlines, Deals and Disputes

3 min read

Dangote Extends IPO and Plans Botswana Listing

Dangote Petroleum Refinery extended its initial public offering (IPO) by two weeks to 27 October, after Nigeria’s Securities and Exchange Commission approved the change on 12 October. The refinery said investors needed more time to open accounts and complete identity checks, and that the extension supports access in other African markets. It has not published subscription figures for the offer, which seeks about $1.6bn at ₦525 a share.

Access Bank Botswana will issue depositary receipts backed by Dangote shares. Its head of marketing told Bloomberg on 14 October that the refinery expects them to raise $500m. Investors in other Southern African Development Community (SADC) markets would buy through their own exchanges, without Nigerian trading accounts. Unaudited results show net profit of $4.73bn in the nine months to September 2026, against a $117.2m loss a year earlier.

The structure still needs approval in Botswana and Nigeria.

Shell Agrees To Sell Nigerian Gas Network

Shell agreed on 13 October to sell its entire stake in Shell Nigeria Gas, which it set up in 1998, to Vaaris Energy, a Nigerian company with interests across the oil and gas value chain. The business runs about 170km of pipelines in Ogun, Abia and Rivers states and supplies gas to more than 130 connected factories and commercial customers. No price was disclosed.

Shell’s country chair, Elohor Aiboni, said the deal gives the business “a much stronger platform” under new ownership, and that Shell will continue to focus on deepwater and integrated gas in Nigeria. On 13 March 2025, Shell completed the sale of its onshore oil subsidiary, the Shell Petroleum Development Company of Nigeria (SPDC), to Renaissance, after approvals from Nigeria’s federal government.

The deal needs regulatory approval. Until it completes, Shell Nigeria Gas stays part of Shell and keeps supplying its customers. Shell has not said when it expects completion.

Mopani Owners Restate Plans After Funding Row

International Resources Holding (IRH) and Zambia’s state-owned ZCCM Investments Holdings (ZCCM-IH), which own 51% and 49% of Mopani Copper Mines, said on 14 October that they remain aligned on its development. IRH, the Abu Dhabi group that approached Kenmare last week, restated its $1.1bn investment commitment and a target of 300,000 tonnes of finished copper a year by 2029. The statement said contained copper output rose 63% between 2023 and 2025.

Four weeks earlier, ZCCM-IH accused IRH’s subsidiary Delta Mining of failing to meet its commitments. In a letter of 18 September, reported by Bloomberg, it said 2025 payments into Mopani were $61m below the minimum and that $62.3m of a $308.1m development budget had been spent by the end of March. It also said Mopani had taken on costly debt without approval, and reserved the right to seek damages or arbitration.

The joint statement did not say whether the shortfall has been paid.

Also this week

Uganda Raises Its Rate to 12%

• The Bank of Uganda raised its rate by 225 basis points to 12% at an emergency meeting on 14 October, citing energy prices and pressure on the Ugandan shilling.
• It expects inflation to average 7-7.5% over the next 12 months, up from 4.6% in September.

Thor Explorations Cuts Its Segilola Gold Forecast

• Thor Explorations cut 2026 guidance for its Segilola mine in Nigeria to 70,000-72,000 ounces, from 75,000-85,000, on 13 October, citing heavy rain in late August.
• Third-quarter output was 15,515 ounces, against 22,617 a year earlier. Cost guidance is unchanged at $1,000-1,200 an ounce.

BETA VEG OIL Opens a Shea Plant in Bouaké

• BETA VEG OIL opened its 10 billion West African CFA franc ($17m) plant at Kongodékro, Bouaké, on 12 October, at a ceremony led by Transport Minister Amadou Koné, the mayor of Bouaké. It can process 70,000 tonnes of shea kernels and soybeans a year.
• It has started producing shea butter. Refined soybean oil and animal feed are to follow, with a second phase due to start in December.

Foschini’s UK Brands Hit by Cyberattack

• The Foschini Group, the Cape Town-based fashion retailer, said on 13 October that a cyberattack had taken several IT systems offline at its UK business, which runs Phase Eight, Hobbs and Whistles.
• Its African and Australian operations are not affected. It is investigating whether personal or other sensitive information has been compromised.