Uganda's Capital Markets Authority (CMA Uganda) has given the green light for the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE to be distributed within the country. The approval was granted on October 6, 2026, under Sections 101 and 106 of the Capital Markets Authority Act Cap 64. The application for the IPO was filed by Stanbic IBTC Capital Limited on behalf of the refinery. This development allows eligible Ugandan investors to participate in the IPO.
The Nigerian Securities and Exchange Commission had already approved the offer and its accompanying prospectus before the Ugandan application was considered. CMA Uganda has imposed strict conditions on how the offering may be marketed and distributed within the country. Participation is limited to high-net-worth individuals and professional investors. The authority has expressly prohibited mass advertising or any form of broad public solicitation in connection with the offer.
Only market intermediaries licensed by CMA Uganda and granted written authorisation by the authority are permitted to market, promote, or distribute the IPO to Ugandan investors. As of the date of the notice, SBGS Uganda Limited is the sole intermediary cleared to approach eligible investors. CMA Uganda stated that the public would be informed of any additional intermediaries granted authorisation going forward.
CMA Uganda's approval does not imply an endorsement of the IPO or an assessment of the investment's financial merits. The regulator stated that it had neither reviewed nor endorsed the prospectus, and had not evaluated the commercial viability or expected performance of the offering. The authority also noted that the issuer and certain entities involved in cross-border custody and execution arrangements fall outside its direct supervisory remit.
The approval applies solely to the distribution of this specific IPO within Uganda and does not extend to any future transactions or activities involving the issuer or participating intermediaries. This development comes after Kenya's Capital Markets Authority approved eligible Kenyan investors to participate in Dangote Petroleum Refinery & Petrochemicals' IPO through Global Depository Receipts.
The offer marks Kenya's first GDR transaction of its kind and could give local investors access to shares in a major Nigerian refinery. The IPO closes on October 13, 2026. It is worth noting that the proposed refinery project in Lamu County is not part of the offer.
The approval of the Dangote Refinery IPO for local investors is a significant development in the region. Key stakeholders will be watching closely as the IPO progresses. The IPO offers opportunities for local investors to participate in a major Nigerian refinery.
Key points
- The Ugandan Capital Markets Authority approved the Dangote Petroleum Refinery and Petrochemicals FZE IPO for distribution within the country on October 6, 2026.
- Participation in the IPO is limited to high-net-worth individuals and professional investors.
- The IPO closes on October 13, 2026.
