Dangote Visits Gaborone Botswana, and the BSE is building a pipeline

Aliko Dangote visited Gaborone last week, met the President, and joined a BSE roundtable with institutional investors and pension funds. Reports suggested the Dangote Petroleum Refinery might list on the BSE. It will not. The refinery lists on the Nigerian Exchange and is targeting a raise of around USD 5 billion. What the BSE is building is different and more durable: a depository receipt structure that would allow Botswana investors to hold exposure to a foreign share through an instrument that trades locally in Pula, without a foreign brokerage account or currency conversion. The receipt removes the account, the currency conversion and the foreign settlement. The investor holds the exposure. Someone else holds the plumbing. This is the third piece of an internationalisation strategy assembled across 2026, after the Gulf Tabadul linkage in July and African exchange integration work. Edition 13 examines all of it.