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 promote and facilitate participation in the offer in Uganda. The IPO, which was launched in Nigeria on September 14, 2026, aims to raise approximately $1.6 billion.
The CMA has restricted participation in the IPO to high-net-worth individuals and institutional or professional investors. To protect Ugandan investors, the authority has waived certain provisions of the law and regulations, subject to specific conditions. These conditions include that all marketing and distribution activities must be undertaken through a CMA-licensed intermediary, and such intermediaries must obtain the CMA's express written no-objection before marketing the offer.
The Dangote Petroleum Refinery IPO is scheduled to close on October 13, 2026, and the shares are expected to begin trading on the Nigerian Exchange after listing, tentatively scheduled for December 8, 2026. The offer has attracted interest in East Africa following Dangote Group Chairman Aliko Dangote's recent announcement of plans to build a major refinery in Kenya. The CMA's approval follows an application submitted on behalf of Dangote Petroleum Refinery and Petrochemicals FZE by Stanbic 1BTC Capital Limited.
The CMA has confirmed that the offer and related prospectus have been approved by the Nigerian Securities and Exchange Commission. To ensure investor protection, the authority has imposed additional conditions, safeguards, and disclosure requirements. These include the requirement that participation be restricted to high-net-worth individuals and professional investors, and that the offer must not be promoted through indiscriminate advertising or mass solicitation.
The CMA has authorized SBG Securities Uganda Limited to market and offer the IPO to Ugandan investors. The authority has 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 CMA has neither approved nor endorsed the prospectus relating to the offer nor assessed the commercial merits, financial viability, or expected performance of the investment.
Prospective investors are advised to understand the risks associated with investing in securities listed in foreign jurisdictions, including foreign exchange risk, market risk, custody risk, taxation considerations, and the applicable mechanisms for exercising investor rights. The CMA has cautioned that the issuer and some entities involved in cross-border custody and execution arrangements are not licensed or directly supervised by the authority.
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. The Dangote refinery IPO gives eligible Ugandan investors access to a major foreign securities offer, but participation is subject to Uganda's regulatory safeguards and the 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 high-net-worth and institutional investors.
- The IPO aims to raise approximately $1.6 billion and is scheduled to close on October 13, 2026.
- Participation in the IPO is restricted to high-net-worth individuals and institutional or professional investors, and is subject to Uganda's regulatory safeguards.
