WorldStage– Dangote Sugar Refinery Plc, Nigeria’s largest sugar producer, with an installed refining capacity of about 1.49 million metric tonnes per annum, has successfully raised ₦485.88 billion through its rights issue after the offer was oversubscribed, according to a filing submitted to the Nigerian Exchange (NGX).
The company offered 8,097,918,827 ordinary shares of 50 kobo each at ₦60.00 per share on the basis of two new ordinary shares for every three existing shares held as at the close of business on 20 April 2026.
The gross proceeds from the fully allotted issue amount to approximately ₦485.88 billion (about $356 million).A total of 14,595 valid applications were received for 8,309,447,021 ordinary shares valued at ₦498.57 billion, representing a subscription level of 102.6%. Following a scale-down by a major shareholder, the company allotted 100% of the shares on offer.
Breakdown of applications included:
- Full acceptances by 13,426 shareholders for approximately 6.99 billion shares valued at ₦419.18 billion.
- Partial acceptances from 1,047 applications for about 99.08 million shares worth ₦5.94 billion.
- Traded rights involving 122 transactions covering 77.18 million shares valued at ₦4.63 billion.
The rights issue, which opened on 25 May 2026 and closed on 24 June 2026, forms part of Dangote Sugar’s broader capital-raising programme (approved by shareholders for up to ₦500 billion).
Proceeds are intended to reduce debt, lower financing costs, strengthen the company’s capital position following consecutive years of losses, and support its expansion and backward integration initiatives under the “Sugar for Nigeria” programme.
The new shares are expected to be listed and available for trading on the NGX following the completion of regulatory processes.
Dangote Sugar Refinery is controlled by Dangote Industries Limited.
