Ugandan investors have been cleared to participate in the initial public offering (IPO) of Nigeria’s Dangote Petroleum Refinery, opening an opportunity for local investors to buy into one of Africa’s largest energy projects.
The Capital Markets Authority (CMA) announced the approval in a statement posted on X late on Tuesday, October 6, allowing investors in Uganda to participate in the share offer.
According to Reuters, the approval covers securities under the IPO of Dangote Petroleum Refinery and Petrochemicals FZE. It followed an application submitted on behalf of the refinery by Stanbic IBTC Capital Limited.
The development comes as Africa’s richest man, Aliko Dangote, seeks to raise $1.6 billion through the offering launched in September to finance plans to double the refinery’s capacity to 1.4 million barrels per day.
The offer has been promoted as a “people’s IPO” and is expected to become Africa’s largest share offering.
Uganda’s approval follows a similar move by Kenya, whose capital markets regulator cleared its investors to participate in the offering earlier this week.
Built by the Dangote Group over a decade at a cost of about $20 billion, the refinery is located on the outskirts of Lagos, Nigeria.
The facility has a processing capacity of 700,000 barrels of crude oil per day and began operations in 2024, significantly reshaping Nigeria’s domestic fuel market.
The planned expansion to 1.4 million barrels per day would further increase its processing capacity and strengthen its position in the regional and global petroleum industry.
The Ugandan approval creates a pathway for local investors to access the offer, although prospective shareholders should consult the official prospectus and authorised investment intermediaries for details on eligibility, pricing, subscription procedures and applicable deadlines.
The move also highlights growing efforts to broaden African participation in major industrial investments by allowing investors beyond the country hosting a company to take part in its capital-raising activities.