Stanbic Bank Kenya has confirmed that it will act as receiving bank and custodian for the proposed Global Depositary Receipt (GDR) programme that would give Kenyan investors access to Dangote Petroleum Refinery & Petrochemicals’ IPO through the Nairobi Securities Exchange(NSE).

The GDRs would trade in Kenyan shillings on the NSE while the underlying shares remain listed on Nigeria’s NGX, with Stanbic holding the shares in custody, handling subscription funds and FX conversion, and distributing dividends in Kenyan shillings.

Stanbic Bank Kenya is part is part of the transaction advisory consortium behind the programme that would give Kenyan investors access to the Dangote Petroleum Refinery IPO. This programme was presented at a pre-market engagement with Kenyan institutional investors and capital-market participants on September 29th 2026. It is structured as an inward, unsponsored Global Depository Receipt(GDR) listing on the NSE.

Kenyan investors would buy and sell the receipts on the NSE in Kenya Shillings while the underlying Dangote shares stay in Nigeria. The Nigerian exchange(NGX) remains the main market for the shares.

Stanbic Bank Kenya, subject to regulatory approval and final terms, act as the Receiving Bank for the programme: collecting and safeguarding investor subscription funds, reconciling applications and managing foreign exchange conversion in line with the offer timetable.

Stanbic Bank Kenya provides integrity to the IPO

Stanbic Bank will also serve as the Custodian Bank for the programme, holding the underlying Nigerian shares in custody, maintaining the link between the Nairobi-listed depository receipts and the Lagos-listed shares, and processing corporate actions, including dividend distribution in Kenya Shillings.

Custody is at the heart of the GDR structure. Every depository receipt traded in Kenya is backed by the underlying shares held securely in custody in Nigeria. Through its custody role, Stanbic Bank Kenya helps ensure integrity of the programme, providing investors with confidence, transparency and seamless access to one of Africa’s most significant investment opportunities.

“This mandate underscores the growing demand from Kenyan investors for seamless access to investment opportunities across Africa through trusted local market infrastructure. It also reinforces our conviction that African Capital should drive Africa’s growth. By enabling access to a landmark Nigerian listing through the Nairobi Securities Exchange and in Kenya Shillings, this proposed programme showcases the value of an integrated Pan-African custody and capital markets network. We are proud to be part of this pioneering initiative and look forward to working with regulators and partners to bring it to market,” said Jonathan Muga, Head-Corporate and Investment Banking, Stanbic Bank Kenya.