Businessman Aliko Dangote and President William Ruto during the groundbreaking ceremony for the Dangote Refinery in Lamu on September 30, 2026./PCS
The Capital Markets Authority (CMA) has approved the participation of eligible Kenyan investors in the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals through Global Depository Receipts (GDRs).
The approval allows Kenyan investors to participate in the Nigerian-based refinery’s IPO, which opened on September 14 and is scheduled to close on October 13, 2026.
In a statement on Monday, CMA said it had approved a Short Form Prospectus for the GDRs submitted by Renaissance Capital (Kenya) Limited, a licensed investment bank.
“A global depository receipt (GDR) is a negotiable certificate issued by a depository bank that represents shares in a foreign company. GDRs allow investors in one country to invest in companies from another country without directly purchasing the underlying shares,” CMA said.
Renaissance Capital (Kenya) will put in place custodial arrangements for funds received from investors and is working with Renaissance Capital Africa, which is licensed in Nigeria.
Once the IPO closes and the allocation of Dangote Petroleum Refinery & Petrochemicals shares is confirmed, Renaissance Capital (Kenya) will structure the GDRs for listing on the Nairobi Securities Exchange (NSE).
The proposed listing will, however, be subject to relevant approvals from Nigeria’s Securities and Exchange Commission.
CMA said it had already granted Renaissance Capital (Kenya) approval to seek the listing, subject to a successful fund raise and subsequent allocation of the shares required to create the GDRs.
The authority said the transaction is the first of its kind since Kenya issued its Policy Guidance Note on Global Depositary Receipts and Global Depositary Notes.
CMA said the approval provides Kenyan investors with an opportunity to access a major African IPO while strengthening Kenya’s position as a financial hub for capital raising on the continent.
The authority, however, clarified that the IPO relates only to Dangote Petroleum Refinery & Petrochemicals FZE, based in Nigeria.
“CMA wishes to clarify that the DPRP IPO relates only to Dangote Petroleum Refinery & Petrochemicals FZE based in Nigeria, and at this time, is not an offer of shares in the Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County,” the authority said.
CMA also said several other licensed firms are facilitating their clients to participate in the IPO through arrangements or correspondent relationships with authorised transaction parties in Nigeria.
The firms include CPF Capital & Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co Ltd, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank.
CMA stressed that its approval of the Short Form Prospectus for the DPRP GDRs does not amount to a recommendation to invest.
“Interested investors are urged to read the Short Form Prospectus, which will be published by Renaissance Capital (Kenya) Limited and available from its partnering authorised selling agents,” CMA said.
The authority also urged investors to seek independent professional investment advice, noting that the GDRs have features that differ from conventional investment instruments traded through the NSE.
CMA said the approval is part of its efforts to promote a fair, orderly and efficient capital market while expanding investment opportunities for investors in Kenya.
The Dangote East Africa Refinery is planned as a 700,000-barrel-per-day refinery and petrochemical complex to be built on the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) land in Lamu.
Once complete, it is expected to be the largest refinery in East Africa, significantly expanding the region's refining capacity.
The facility is designed to process crude oil from the Lokichar fields in Turkana County, alongside crude sourced from other parts of East and southern Africa and beyond, before supplying refined petroleum products to regional markets.
The project is also expected to anchor related industries, including fertiliser, chemicals and packaging.
