Kenya’s Capital Markets Authority (CMA) approved on 5 October global depositary receipts that let Kenyan investors buy into the initial public offering (IPO) of Nigeria’s Dangote refinery. The offer of 4.1 billion shares at 525 naira each, worth about $1.6 billion, closes on 13 October; adviser Renaissance Capital says Kenyans could invest up to $300 million. The approval follows a delay on 1 October over pending issues, and a listing of the receipts in Nairobi still needs consent from Nigeria’s Securities and Exchange Commission. The deal draws East African savings into Africa’s largest refinery as Dangote starts building a second one at Lamu in Kenya, but competes for capital with Nairobi’s own listings.
Sources
- The Star: https://www.the-star.co.ke/news/2026-10-05-kenyans-cleared-to-buy-dangote-refinery-shares
- Nairametrics: https://nairametrics.com/2026/10/05/kenya-clears-dangote-refinery-gdrs-opening-ipo-access-to-local-investors/
- Capital FM: https://capitalfm.africa/kenyan-investors-cleared-to-buy-into-dangote-refinery-ipo/
- Business Daily: https://www.businessdailyafrica.com/bd/economy/cma-questions-hit-kenya-sale-of-dangote-shares-5616510