Uganda Approves Dangote Refinery IPO for Local Investors

Uganda has approved the marketing and distribution of shares in Nigeria’s Dangote Petroleum Refinery and Petrochemicals FZE to eligible investors in the country, expanding access to the refinery’s ongoing initial public offering.

The approval was granted by Uganda’s Capital Markets Authority (CMA) following an application submitted by Stanbic IBTC Capital Limited on behalf of Dangote Petroleum Refinery and Petrochemicals. The regulator issued its public notice on October 6, 2026.

However, the approval does not open the offer to the Ugandan public generally. Participation has been restricted to high-net-worth individuals and professional investors, while mass advertising and indiscriminate solicitation of the shares have been prohibited.

The CMA said SBG Securities Uganda Limited was, as of October 6, the authorised intermediary for marketing and offering the Dangote IPO in Uganda. Any additional intermediary approved to facilitate the transaction will be announced by the regulator.

The Ugandan authority also stressed that its approval should not be interpreted as an endorsement or recommendation to invest in the refinery. Investors have been advised to consider foreign exchange, market, custody and taxation risks and to seek independent professional advice before committing funds.

The development comes as Dangote Refinery’s IPO approaches its October 13 closing date. The offer, which opened on September 14, comprises 4.1 billion ordinary shares priced at ₦525 each. If fully subscribed, the share sale is expected to raise about ₦2.15 trillion, or roughly $1.6 billion.

The funds are intended to support the expansion of the Lagos-based refinery, which currently has a processing capacity of about 700,000 barrels of crude oil per day. Dangote has plans to increase the facility’s capacity to 1.4 million barrels per day.

Uganda’s move follows a similar decision by Kenya, whose Capital Markets Authority recently approved a mechanism allowing eligible Kenyan investors to participate in the Dangote IPO through a Global Depository Receipt structure.

The Nigerian Securities and Exchange Commission has approved the Dangote refinery offer, while warning investors to use only officially designated receiving agents and approved subscription channels.

The expansion of the offer into East African markets gives investors in the region access to a major Nigerian industrial asset while further broadening the investor base for what has been described as Africa’s largest IPO to date.