Kenyan investors have been cleared to bid in the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals (DPRP) in Nigeria via a Global Depositary Receipt (GDR).
The Capital Markets Authority (CMA) approved a Short Form Prospectus submitted by Renaissance Capital (Kenya) Limited, giving Kenya-based investors a window to participate in the Nigerian refinery share offering. The IPO opened for subscriptions on 14 September 2026 and will close on 13 October.
“The Capital Markets Authority (CMA) has approved a Short Form Prospectus for a global depository receipt (GDR) submitted by Renaissance Capital (Kenya) Limited, a licensed investment bank, to enable eligible Kenyan investors to participate in the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals (DPRP),” stated the regulator.
Renaissance Capital Kenya will put in place custody arrangements for the funds received from participating investors, and work with its Nigerian counter-part, Renaissance Capital Africa — also licensed in Nigeria.
Upon the closing of the Nigerian IPO and completion of the allocation of DPRP shares, Renaissance Capital Kenya will ‘structure’ the GDRs representing the DPRP shares for listing on the Nairobi Securities Exchange (NSE).
The proposed listing on the NSE will require approvals from Nigeria’s Securities and Exchange Commission, however, CMA has authorised Renaissance Capital Kenya to pursue the listing, subject to the successful fundraising and the allocation of the required shares to form the GDRs.
A Global Depositary Receipt (GDR) is a negotiable instrument in the form of a certificate issued by a depository bank representing a certain number of shares in a foreign company and which are traded like any other securities.
CMA noted the transaction will be the first of its kind since the publication of the Policy Guidance Note on Global Depositary Receipts and Global Depositary Notes in Kenya.
The regulator added that other licensed companies are offering services to clients looking to participate in the Nigerian IPO through arrangements with authorised transaction entities in Nigeria. These include CPF Capital & Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co Ltd, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank.
The CMA approval provides Kenyan investors with an alternate entry point to one of Africa’s largest capital market fundraising efforts while also providing access to the transaction through Kenya’s financial market infrastructure. At the same time, CMA warned that its approval is not a recommendation to invest in the refinery.
“CMA’s approval of the Short Form Prospectus for the DPRP GDRs is not a recommendation to invest,” the regulator said, cautioning potential investors to read the document before making investment decisions.
The regulator added that investors should seek independent financial advice as GDRs have unique features as compared to conventional products traded on the NSE.
CMA separately clarified that the offering relates to Dangote Petroleum Refinery & Petrochemicals FZE in Nigeria and should not be confused with the proposed Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County.
“CMA wishes to clarify that the DPRP IPO relates only to Dangote Petroleum Refinery & Petrochemicals FZE based in Nigeria, and at this time, is not an offer of shares in the Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County,” the regulator said.
The clarification comes days after the groundbreaking of the East African refinery project in Lamu County. As such, Kenyan investors with an interest in the Nigerian IPO now have until 13 October to participate. Any trading of the GDRs on the NSE, however, will depend on the completion of the allocation of shares and the necessary approvals.