The Capital Markets Authority approved a Short Form Prospectus on October 5 2026 that lets eligible Kenyan investors buy into the Dangote Petroleum Refinery IPO through global depository receipts (GDRs).
The prospectus sets the minimum purchase at 2,000 GDR units priced at KSh53.5 each, creating a KSh107,000 floor that is higher than the Nigerian minimum of KSh492.50 for ten shares.
Each GDR represents an underlying share listed on the Nigerian Stock Exchange and will be listed on the Nairobi Securities Exchange on December 8 2026, subject to approval by Nigeria’s Securities and Exchange Commission.
Renaissance Capital Kenya is the sponsoring broker and its chief executive officer Stanley Kariuki said the programme aims to allow everyone to participate, though the broker did not comment on the high minimum threshold.
The Dangote IPO opened on September 14 2026, closes on October 13 2026, seeks to raise KSh207.5 billion by offering 4.1 billion ordinary shares, equivalent to a 3.4 per cent stake in the refinery.
Allocations of GDR units are scheduled for November 11 2026, with proceeds transferred and units credited to investors’ CDSC accounts between November 12 and December 2 2026, after which they can trade and settle in Kenyan shillings on the NSE.
Stanbic Bank Kenya will act as custodian for the underlying Nigerian shares, while National Bank of Kenya, Sterling Capital, Kestrel Capital, AXYS Investment Bank, CPF Capital & Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co and National Bank of Kenya/Access Bank are facilitating investor access.
The CMA stressed that its approval does not constitute a recommendation, urging investors to read the prospectus and obtain independent advice, and noted that GDRs carry different rights from directly held Nigerian shares.
The GDR offering is the first since the CMA introduced a depositary-receipt framework in 2017, enabling Kenyan investors to reach foreign markets while remaining within the regulated local market.
