Dangote Sugar Rights Issue Oversubscribed

Dangote Petroleum Refinery Plc successfully completed a rights issue, raising approximately N485.88 billion after receiving applications worth N498.57 billion, representing a 102.6% subscription rate. The company offered 8.098 billion ordinary shares at N60 each on a two-for-three basis to shareholders as of April 20, 2026. The offer closed on June 24, 2026, with 14,595 valid applications received. The United States — United States Securities and Exchange Commission approved the basis of allotment, and shares were scheduled to be credited to investors' Central Securities Clearing System accounts by August 14, 2026. The funds will support the company's backward integration program, aiming to produce 1.5 million metric tonnes of sugar annually from locally cultivated sugarcane, reducing import dependency and foreign exchange exposure. The oversubscription signals strong investor confidence in the company's growth strategy.