Energy

Uganda approves sale of Dangote refinery shares to domestic investors

Photo caption: Uganda’s President Yoweri Museveni, President and Chief Executive Officer (CEO) of Dangote Group Aliko Dangote and Kenya’s President William Ruto attend a ceremony for the construction of an East African oil refinery in Lamu, Kenya, September 30, 2026. REUTERS/Monicah Mwangi Purchase Licensing Rights

 

Uganda’s Capital Markets Authority has approved investors within the East African country to participate ​in the Dangote Petroleum Refinery’s initial public ‌offering (IPO), a statement on X showed late on Tuesday.

Aliko Dangote, Africa’s richest man, launched a $1.6 billion initial public ​offering of the refinery in September, to ​fund a doubling of its capacity to ⁠1.4 million barrels per day. The deal ​is being marketed as a “people’s IPO” and would ​be Africa’s largest.

In the statement, Uganda’s state-run Capital Markets Authority (CMA) said it had approved the offer of securities under ​the IPO of Dangote Petroleum Refinery and ​Petrochemicals FZE.

The approval was granted after an application submitted ‌on ⁠behalf of the refinery by Stanbic IBTC Capital Limited.

This week Kenya also allowed its investors to participate in the IPO after its capital markets regulator ​approved a ​short-form prospectus ⁠for a global depository receipt.

The Dangote refinery was built by Dangote ​Group over a period of 10 years ​at ⁠a cost of $20 billion.

The refinery, which processes 700,000 barrels of crude a day on the outskirts ⁠of ​Lagos, has reshaped Nigeria’s fuel ​market since it started operations in 2024.

 

 

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