Uganda’s Capital Markets Authority has approved the marketing and distribution of shares in Dangote Petroleum Refinery and Petrochemicals FZE to eligible investors in the country, opening the way for Ugandan participation in the refinery’s initial public offering.
The approval was granted on Oct. 6 following an application submitted on behalf of the refinery by Stanbic IBTC Capital Ltd., according to the regulator. However, access to the offer in Uganda is restricted to high net worth individuals and professional investors, rather than the general public.
The CMA said marketing and distribution must be conducted through licensed intermediaries that have received its approval. As of the date of the notice, SBG Securities Uganda Ltd. was the only intermediary authorised to market and offer the securities to Ugandan investors. The regulator said additional approvals would be communicated where applicable.
The approval comes as Dangote Refinery seeks to raise about $1.6 billion through the sale of 4.1 billion ordinary shares at ₦525 each. The Nigerian offer is scheduled to close on Oct. 13, 2026, with the shares expected to be listed on the Nigerian Exchange.
The proceeds are intended to support the expansion of the Lagos based refinery’s processing capacity from 700,000 barrels per day to 1.4 million barrels per day. The refinery was constructed by Dangote Group at a reported cost of about $20 billion and began commercial operations in 2024.
The Ugandan regulator stressed that its approval does not amount to an endorsement or recommendation of the investment. It said it had not assessed the commercial merits, financial viability or expected performance of the securities and warned investors to consider foreign exchange, custody, taxation and other cross border investment risks.
Ugandan investors participating in the offer will therefore be exposed to movements between the Nigerian naira and Ugandan shilling, while the securities and related transactions are connected to Nigeria’s capital market infrastructure.
Uganda’s approval follows a similar move in Kenya, where the Capital Markets Authority approved arrangements allowing eligible Kenyan investors to participate in the Dangote refinery IPO through global depository receipts. The Kenyan approval also expanded the number of licensed intermediaries able to facilitate access to the offer.
The expansion of access beyond Nigeria reflects the regional interest generated by the refinery’s public offering and could broaden participation by African institutional and high net worth investors.
For Uganda, the development provides eligible domestic investors with access to a major Nigerian energy asset while placing greater emphasis on cross border investment safeguards, licensed distribution channels and investor awareness of the risks associated with securities issued and traded in another jurisdiction.
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