The Capital Markets Authority (CMA) of Uganda has given the green light for the marketing and distribution of the initial public offering (IPO) for Dangote Petroleum Refinery and Petrochemicals FZE to eligible Ugandan investors. This approval allows SBG Securities Uganda Limited to market and facilitate participation in the offer in Uganda. The IPO is set to close on October 13, 2026.
The Dangote Petroleum Refinery IPO was launched in Nigeria on September 14, 2026, with the company seeking to raise approximately $1.6 billion. The shares are being offered in Nigeria and are expected to begin trading on the Nigerian Exchange after listing, tentatively scheduled for December 8, 2026.
The CMA Uganda's approval follows an application submitted on behalf of Dangote Petroleum Refinery and Petrochemicals FZE by Stanbic 1BTC Capital Limited. The Authority confirmed that the offer and related prospectus had been approved by the Nigerian Securities and Exchange Commission. To protect Ugandan investors, the CMA waived some provisions of the law and regulations, subject to specific conditions.
The conditions for the IPO in Uganda include that all marketing, distribution, promotion, solicitation, or approach to prospective investors must be undertaken through a CMA-licensed intermediary. Licensed intermediaries can only market, promote, distribute, or facilitate the offer after obtaining CMA's express written no-objection.
Participation in the IPO is restricted to high-net-worth individuals and professional investors. The offer must not be promoted through indiscriminate advertising, mass solicitation, or other means directed at the general public. The CMA has authorized SBG Securities Uganda Limited to market and offer the IPO to Ugandan investors.
The CMA stressed that its approval does not amount to an endorsement or recommendation of the Dangote refinery IPO, the securities being offered, or the investment merits of the offer. The regulator advised prospective investors to understand the risks associated with investing in securities listed in foreign jurisdictions, including foreign exchange risk, market risk, and custody risk.
The approval and exemptions apply only to the distribution of this particular IPO in Uganda and should not be interpreted as a continuing approval for future offers, transactions, or activities involving the issuer or participating intermediaries. This gives eligible Ugandan investors access to a major foreign securities offer, but participation is subject to Uganda's regulatory safeguards and risks associated with investing in a security listed outside the country.
Key points
- The Capital Markets Authority of Uganda has authorized the marketing of the Dangote Refinery IPO to eligible Ugandan investors.
- Participation in the IPO is restricted to high-net-worth individuals and professional investors.
- The IPO is set to close on October 13, 2026.
