The Capital Markets Authority announced on Monday, October 5, 2026, that it has approved a Short Form Prospectus enabling eligible Kenyan investors to take part in the Dangote Petroleum Refinery & Petrochemicals initial public offering in Nigeria through global depository receipts.
The Nigerian offer, which began on September 14, 2026, is set to finish on October 13, 2026, and the receipts are intended to be listed on the Nairobi Securities Exchange after allocations and the required regulatory clearances.
Renaissance Capital (Kenya) Limited filed the prospectus and will work with Renaissance Capital Africa, which holds a licence in Nigeria, to aggregate Kenyan participation and to arrange custody of investors’ funds.
Once the IPO closes and share allocations are confirmed, Renaissance will organise the creation of the GDRs for NSE listing, subject to approval by Nigeria’s Securities and Exchange Commission and the availability of enough shares to underpin the receipts.
The GDR structure gives Kenyan holders economic exposure to Dangote Petroleum Refinery without the need to open a Nigerian brokerage account, although the share price is quoted in naira, meaning currency fluctuations will affect the value of a Kenyan holding, and the Kenyan route may not provide the same rights as direct Nigerian share ownership.
The prospectus shows net income of $1.82 billion for the first half of 2026 on revenue of $13.91 billion, while Reuters reported a loss of $476 million for the full year 2025; the company plans to increase capacity to 1.4 million barrels per day by 2029.
Chief Executive David Bird told Reuters that “The intent is very much the people’s IPO”.
CMA described the approval as the first of its kind since Kenya introduced its 2017 framework for global depository receipts and global depository notes, and stressed that the decision does not constitute an investment recommendation, urging investors to read the prospectus and seek independent advice.
Several licensed Kenyan firms, including CPF Capital & Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank, are also offering access through correspondent arrangements with authorised parties in Nigeria.
The offer applies only to the refinery in Nigeria and does not cover the separate Dangote East African refinery planned for Lamu County; Khusoko reported in May that Dangote was setting up a Kenya investment vehicle as part of broader ownership plans.
After the October 13 closing, allocations will be made, followed by Nigeria’s SEC approval and a Nigerian listing expected in late November, after which Renaissance can create the receipts and the NSE can admit them for trading.
