Kenyan investors will now be able to acquire Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) share offering through an inward, unsponsored Global Depositary Receipt (GDR) programme on the Nairobi Securities Exchange (NSE).

Starting December 8, 2026, GDR will allow investors to trade and settle receipts in Kenyan Shillings through the existing capital-market infrastructure, while the underlying ordinary shares remain in custody on the Nigerian Exchange on a 1:1 ratio.

The programme requires a minimum investment of 2,000 GDRs, with
additional subscriptions available in multiples of 100 GDRs and no upper limit.

Capital Markets Authority (CMA) says Kenya created its depositary-receipt framework in 2017 so that local investors could reach opportunities across Africa without leaving the protection of a regulated market.

“This is the first time that framework has brought a GDR to the NSE. Our role is to ensure the structure is sound, disclosures are clear, and investors understand both the benefits and the limits of what they are buying.

“Approval is not a view on the merits of the investment, so we urge investors to read the Information Memorandum and to deal only with CMA-licensed intermediaries,” CMA says.

The GDR is established and administered by regulated market intermediaries rather than Dangote Refinery itself. The refinery’s primary listing, share register, and corporate governance remain rooted in Nigeria.

The local listing operates independently from the company’s ongoing NGN 2.15 trillion (approximately $1.6 billion) primary IPO in Nigeria, functioning instead as a secondary trading route for existing shares.

Renaissance Capital is acting as lead transaction adviser and sponsoring broker, working with Stanbic Bank Kenya as receiving bank and custodian, G&A Advocates LLP as legal adviser, Image Registrars as registrar, and Phanice Global and Newmark Group as the joint strategy and communications adviser.

“What we aim to do is give investors in Kenya a way to participate in the Dangote IPO through a market and infrastructure they already know, trading on the NSE and settling in Kenyan shillings, without separate arrangements in Nigeria,” Renaissance Capital said.

Renaissance Capital added that the unsponsored GDR programme will help connect Kenyan capital with investment opportunities beyond borders.

For investors, the structure is designed to simplify the practical process of accessing an investment whose underlying shares are held in another market. Stanbic Bank Kenya, acting as custodian, will support the secure holding of the underlying Nigerian shares and the link between those securities and the GDRs traded in Kenya.

For Stanbic Bank Kenya, an infrastructure supporting cross-border investment opportunity is as important as the opportunity itself.

“As custodian and receiving bank, our role is to provide the secure link between the underlying Dangote shares in Nigeria and the GDRs available to investors in Kenya. Investors would access the GDRs through Kenya’s existing market infrastructure, with the underlying securities held within a controlled custody structure,” Stanbic said, noting that its focus is on supporting a seamless cross-border process.

G&A Advocates LLP said: “African capital markets have significant pools of capital, but investors do not always have straightforward mechanisms to access opportunities across markets.”

The GDR approval shows that Kenya’s market can accommodate innovative structures while keeping the safeguards that give investors confidence.

According to Image Registrars the investor experience does not end when a security is purchased. It says: “Accurate
registration, record-keeping and administration are what allow investors to hold and manage their interests with confidence.”

Image Registrars will ensure discipline to the GDR, while maintaining the holder register and supporting transfers and payment distributions throughout its life.

Phanice Global said: “This programme allows a Kenyan saver to own a share in a major Nigerian company via the NSE, in shillings and under Kenyan regulation. The region now has a working model.”

The Dangote GDR arrangement is
established and administered by the appointed market intermediaries, while the refinery’s primary listing, share register and corporate governance arrangements remain in Nigeria. The GDR programme is separate from the company’s ongoing primary share offer on the NGX.

The NSE will provide the Kenyan listing and trading platform, alongside other market intermediaries.