KAMPALA, October 8, 2026 — Uganda’s Capital Markets Authority (CMA) has approved the marketing and distribution of shares in Nigeria’s Dangote Petroleum Refinery and Petrochemicals FZE to eligible Ugandan investors, opening the door for local participation in Africa’s largest initial public offering (IPO).

The approval, granted following an application by Stanbic IBTC Capital Limited on behalf of the refinery, allows Ugandan investors to participate in the $1.6 billion share offer.

However, CMA has restricted participation in Uganda to high-net-worth individuals and professional investors. The offer cannot be promoted through mass advertising or general public solicitation.

As of October 6, SBG Securities Uganda Limited was authorised by CMA to market and offer the securities to Ugandan investors.

Dangote Petroleum Refinery is offering 4.1 billion ordinary shares at ₦525 per share, seeking to raise approximately ₦2.15 trillion ($1.6 billion). The offer is scheduled to close on October 13, with trading expected to commence in November.

The proceeds will partly finance an ambitious expansion programme intended to increase the refinery's processing capacity from its current 700,000 barrels per day to 1.4 million barrels per day.

Built at an estimated cost of about $20 billion, the Lagos-based refinery began operations in 2024 and has since become a major player in Nigeria's petroleum market.

CMA cautions investors

While clearing the offer, CMA stressed that its approval does not constitute an endorsement or recommendation of the Dangote IPO.

The regulator said it has not assessed the commercial merits, financial viability or expected performance of the investment and warned prospective Ugandan investors about risks associated with investing in a foreign-listed security.

These include foreign-exchange fluctuations, market risks, custody arrangements and taxation, among others. CMA also advised investors to deal only with licensed and authorised intermediaries.

Uganda's approval follows a similar move by Kenya, whose capital markets regulator recently cleared eligible Kenyan investors to participate in the Dangote refinery IPO through a global depository receipt arrangement.

The development comes amid growing regional interest in Dangote's investments. On October 5, President Yoweri Museveni joined Kenyan President William Ruto and Dangote for the groundbreaking of a proposed $16 billion refinery and petrochemicals project in Lamu, Kenya.

The expansion of the Dangote refinery and its growing access to African capital markets mark a significant development in the push for African investors to participate in financing major industrial projects on the continent.