NAIROBI, Kenya, Oct 5 – Kenyan investors can now take part in the initial public offering (IPO) of Dangote Petroleum Refinery & Petrochemicals in Nigeria after the Capital Markets Authority (CMA) approved the sale of the company’s shares through global depository receipts.
The approval allows eligible investors in Kenya to buy into the IPO, which opened on September 14, 2026, and closes on October 13, this year, through Renaissance Capital (Kenya) Limited.
Renaissance Capital Kenya will receive investors’ funds and, after the IPO closes and shares are allocated, arrange for the creation of global depository receipts linked to the shares.
The receipts are expected to be listed on the Nairobi Securities Exchange, subject to approval by Nigeria’s Securities and Exchange Commission.
A global depository receipt is a certificate that represents shares in a company listed in another country. It allows investors to buy an interest in a foreign company without directly buying its shares on the foreign market.
CMA said the approval is the first since Kenya issued rules on global depository receipts and similar investment products.
The authority also clarified that the IPO is for Dangote Petroleum Refinery & Petrochemicals FZE in Nigeria and has no connection to the Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County.
Other Kenyan firms are also helping their clients take part in the Nigerian IPO through partnerships with authorised firms in Nigeria.
They include CPF Capital & Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank.
CMA said its approval does not mean it is recommending the investment. It advised investors to read the prospectus and seek independent financial advice before investing.
The authority said the GDRs have different features from the investments normally traded on the NSE.
