The Capital Markets Authority (CMA) has authorised the marketing and distribution of the initial public offering (IPO) for Dangote Petroleum Refinery and Petrochemicals FZE to eligible Ugandan investors.
The Authority has, however, restricted participation to high-net-worth individuals and institutional or professional investors.
The approval allows SBG Securities Uganda Limited to market and facilitate participation in the offer in Uganda, with the IPO scheduled to close on October 13, 2026.
The Dangote Petroleum Refinery IPO was launched in Nigeria on September 14, 2026, with the company seeking to raise about 1.6 billion US dollars.
The shares are being offered in Nigeria and are expected to begin trading on the Nigerian Exchange after listing, tentatively scheduled for December 8, 2026.
The offer has attracted interest in East Africa following Dangote Group Chairman Aliko Dangote’s recent announcement of plans to build a major refinery in Kenya.
CMA Uganda said its approval followed an application submitted on behalf of Dangote Petroleum Refinery and Petrochemicals FZE by Stanbic 1BTC Capital Limited, seeking authorisation to promote, market and distribute the offer to eligible investors in Uganda.
The Authority said it had also confirmed that the offer and related prospectus had been approved by the Nigerian Securities and Exchange Commission.
In order to protect Ugandan investors while enabling participation in the foreign IPO, CMA said it had waived some provisions of the law and regulations, subject to specific conditions.
“Pursuant to Section 103 of the CMA Act Cap 64, CMA Uganda has also granted the issuer an exemption from complying with the requirements under Part XIl of the Capital Markets Authority Act, Cap. 64 and regulations related thereto, subject to conditions specified in this notice.”
Under the conditions, all marketing, distribution, promotion, solicitation or approach to prospective investors in Uganda must be undertaken through a CMA-licensed intermediary.
Licensed intermediaries can only market, promote, distribute or facilitate the offer after obtaining CMA’s express written no-objection, while all promotional, marketing and distribution activities must comply with any additional conditions, safeguards and disclosure requirements imposed by the authority.
CMA said participation would be restricted to high-net-worth individuals and professional investors and that the offer must not be promoted through indiscriminate advertising, mass solicitation or other means directed at the general public.
The authority said members of the public wishing to participate should do so only through the intermediary licensed and authorised for the transaction.
“As at the date of this notice, the public is informed that CMA Uganda has authorised SBG Securities Uganda limited to market and offer the offer to Ugandan investors, until any other authorisation granted to any other licensed intermediary.”
CMA stressed that its approval does not amount to an endorsement or recommendation of the Dangote refinery IPO, the securities being offered or the investment merits of the offer.
It said it had neither approved nor endorsed the prospectus relating to the offer nor assessed the commercial merits, financial viability or expected performance of the investment.
The regulator also cautioned that the issuer and some entities involved in cross-border custody and execution arrangements are not licensed or directly supervised by CMA Uganda.
The authority advised prospective investors to understand the risks associated with investing in securities listed in foreign jurisdictions.
“Understand the risks associated with investing in securities listed in a foreign jurisdiction including but not limited to foreign exchange risk, market risk, custody risk, taxation considerations, and the applicable mechanisms for exercising investor rights.”
CMA advised investors to carefully review all available documentation, seek independent professional advice where necessary and deal only with licensed and approved market players.
The Authority said the approval and exemptions apply only to the distribution of this particular IPO in Uganda and should not be interpreted as a continuing approval for future offers, transactions or activities involving the issuer or participating intermediaries.
The Dangote refinery IPO therefore gives eligible Ugandan investors access to a major foreign securities offer, but participation is subject to Uganda’s regulatory safeguards and the risks associated with investing in a security listed outside the country-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
