The Capital Markets Authority (CMA) has named seven licensed firms that can help Kenyan investors participate in the Dangote Petroleum Refinery & Petrochemicals initial public offering (IPO) in Nigeria.
In a statement on October 5, CMA said that the firms include CPF Capital & Advisory, SBG Securities and Stanbic Bank, Francis Drummond & Co Ltd, National Bank of Kenya and Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank.
“CMA would also like to confirm that several other licensed firms are facilitating their clients to participate in the DPRP IPO through arrangements/correspondent relationships with authorized transaction parties in the DPRP IPO 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,” read part of the statement.
CMA said the firms are facilitating their clients to participate in the IPO through arrangements or correspondent relationships with authorized transaction parties in Nigeria.
The Dangote Petroleum Refinery & Petrochemicals IPO opened on September 14, 2026, and is scheduled to close on October 13, 2026.
CMA Approves Renaissance Capital Kenya’s Dangote Refinery GDR Prospectus
The regulator has also approved a Short Form Prospectus submitted by Renaissance Capital (Kenya) Limited, allowing eligible Kenyan investors to participate in the IPO through global depository receipts (GDRs).
A GDR is a negotiable certificate issued by a depository bank representing shares in a foreign company, allowing investors in another country to gain exposure to the company without directly purchasing its underlying shares.
Under the arrangement, Renaissance Capital Kenya will put in place custodial arrangements for funds received from Kenyan investors in collaboration with Renaissance Capital Africa, which is licensed in Nigeria.
After the IPO closes and the share allocation is confirmed, Renaissance Capital Kenya will structure the GDRs for listing on the Nairobi Securities Exchange (NSE).
However, the planned NSE listing will require relevant approvals from Nigeria’s Securities and Exchange Commission.
CMA said it has already authorized Renaissance Capital Kenya to seek the NSE listing, subject to a successful fundraising exercise and allocation of the shares required to create the GDRs.
The authority said the transaction is the first of its kind since Kenya issued its Policy Guidance Note on Global Depositary Receipts and Global Depositary Notes.
CMA said the approval gives Kenyan investors an opportunity to access a major African IPO while positioning Kenya as a potential financial hub for capital raising on the continent.
The regulator, however, clarified that the IPO relates only to Dangote Petroleum Refinery & Petrochemicals FZE in Nigeria and does not constitute an offer of shares in the Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County.
CMA also cautioned that its approval of the GDR prospectus does not amount to a recommendation to invest.
Investors have been advised to read the Short Form Prospectus and seek independent professional investment advice, noting that GDRs differ from conventional investment instruments traded on the NSE.
The Process
On September 29, Renaissance Capital unveiled the proposed structure for Kenyan investors to access the Dangote the IPO.
The process will begin in Nigeria, where the issuer deposits its ordinary shares with a local custodian bank in Lagos. The custodian then confirms the deposit to the appointed Kenyan depositary bank.
Once the depositary bank confirms the deposit, it issues GDRs against the deposited shares. The GDRs are then listed on the Nairobi Securities Exchange (NSE) and settled through the Central Depository and Settlement Corporation (CDSC) in Kenyan shillings.
Kenyan investors can subsequently buy and sell the GDRs through licensed local brokers.
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