Dangote Sugar secures N485.9bn as shareholders oversubscribe offer

Dangote Sugar Refinery Plc has closed one of the largest capital raises in Nigerian corporate history, securing N485.9 billion after shareholders fully took up its Rights Issue, the company said in a disclosure to the Nigerian Exchange dated August 13, 2026.

The Lagos-based sugar refiner said the offer achieved a 100 percent allotment rate, capping a subscription period marked by demand that outstripped the number of shares available.

Dangote Sugar had offered 8.10 billion ordinary shares of 50 kobo each at N60 apiece to shareholders on its register as of April 20, 2026, a price that carried a 5.51 percent discount to the stock’s value on the qualification date.

The company received 14,595 valid applications covering 8.31 billion shares worth N498.57 billion, putting the subscription level at 102.6 percent, above the size of the offer. The excess, however, did not translate into extra shares for all applicants. A major shareholder pared back its request for additional stock, trimming the final allotment to match the approved offer size.

“A total of 14,595 valid applications for 8,309,447,021 ordinary shares valued at N498,566,821,260 were received; therefore, the rights issue was 102 percent subscribed; however, following the scale-down by a shareholder, only 100 percent was allotted,” the company said in the filing.

The scale-down cut the core shareholder’s request for additional shares by 211.53 million units, worth N12.69 billion, leaving it with 78.85 percent of the extra shares it had sought. In the end, Dangote Sugar…