Dangote Sugar Refinery Plc has raised N485.9 billion through its rights issue after investors subscribed for more shares than the company offered. The company disclosed the result in a filing with the Nigerian Exchange on August 13, 2026.
The Dangote Sugar rights issue offered 8.10 billion ordinary shares at N60 each to eligible shareholders. The offer attracted 14,595 valid applications for 8.31 billion shares valued at N498.57 billion.
This represents a 102.6 per cent subscription rate, showing strong investor interest in the capital-raising exercise. However, Dangote Sugar allotted 8.10 billion shares, valued at N485.88 billion, in line with the approved offer size.
The allotment results showed strong participation from shareholders. A total of 13,426 investors accepted their full rights, accounting for 6.99 billion shares worth N419.18 billion.
In addition, 1,047 investors made partial applications for 99.08 million shares valued at N5.94 billion. Investors also traded 77.18 million rights worth N4.63 billion through 122 transactions on the Nigerian Exchange.
Furthermore, 8,241 shareholders applied for additional shares. The company allotted 935.41 million shares worth N56.12 billion from renounced rights.
The successful fundraising forms part of Dangote Sugar’s plan to strengthen its balance sheet and fund expansion.
The company had earlier announced plans to raise up to N500 billion through the rights issue. It described the exercise as one of the largest rights issues in Nigeria’s corporate history.
Meanwhile, the N60 offer price represented a 5.51 per cent discount to the market price on the qualification date. The Securities and Exchange Commission has also approved the basis of allotment.
The capital raise comes after a significant improvement in Dangote Sugar’s financial performance.
The company recorded N20.6 billion profit before tax in the first quarter of 2026, compared with a N22.6 billion loss in the same period of 2025.
However, revenue fell by 12.2 per cent to N187.7 billion from N213.9 billion. The company attributed the improvement in profitability mainly to lower production costs, with cost of sales falling to N144.6 billion from N204.6 billion.
With the rights issue now completed, Dangote Sugar will have additional capital to support its expansion plans and strengthen its financial position.
