Dangote Sugar Refinery Plc has successfully completed its massive capital raise, securing N485.88 billion after existing shareholders and investors fully subscribed to its Rights Issue. According to an official regulatory filing on the Nigerian Exchange (NGX) dated August 13, 2026, the transaction achieved a 100% final allotment following an oversubscription that exceeded the total number of shares on offer, making it one of the largest corporate rights offerings in Nigerian capital market history.
Offer Structure and Allotment Adjustment
The company offered 8.10 billion ordinary shares of 50 kobo each at an offer price of N60.00 per share—representing a 5.51% discount to its qualification-date market price—to shareholders registered as of April 20, 2026. Total demand reached N498.57 billion through 14,595 valid applications for 8.31 billion shares, resulting in a 102.6% overall subscription level.
To align the final distribution with the SEC-approved offer size, a major core shareholder voluntarily scaled down its request for additional shares by 211.53 million units (valued at N12.69 billion). This adjustment allowed the company to achieve a clean 100% allotment of 8.10 billion shares worth N485.88 billion.
Subscription Breakdown Across Investor Categories
- Full Acceptances: 13,426 shareholders exercised their full rights, accounting for 6.99 billion shares valued at N419.18 billion.
- Partial Acceptances: 1,047 applications were processed for 99.08 million shares worth N5.94 billion.
- Traded Rights: 122 transactions occurred on the NGX floor involving 77.18 million shares worth N4.63 billion.
- Additional Share Requests: 8,241 shareholders applied for extra shares, with 935.41 million shares worth N56.12 billion allotted from renounced rights.
SEC Approval and Balance Sheet Turnaround
The Securities and Exchange Commission (SEC) formally approved the basis of allotment. The company's registrar, Veritas Registrars Limited, credited successful allottees' Central Securities Clearing System (CSCS) accounts and initiated refunds for excess subscription funds by August 14, 2026.
The successful capital raise strengthens Dangote Sugar’s balance sheet to support ongoing expansion and backward-integration projects. The milestone comes alongside a sharp financial recovery, with the company recording a pre-tax profit of N20.6 billion in Q1 2026, reversing a pre-tax loss of N22.6 billion in Q1 2025.
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