Uganda’s Capital Markets Authority (CMA) has approved participation by investors in the East African country in the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The CMA announced the approval in a statement on X on Tuesday, saying the offer of securities under the refinery’s IPO had been cleared.
It said the approval followed an application submitted on behalf of the refinery by Stanbic IBTC Capital Ltd.
The development comes after Kenya also approved participation by its investors in the IPO earlier this week, following its capital markets regulator’s approval of a short-form prospectus for a global depository receipt.
Africa’s richest man, Aliko Dangote, launched the $1.6 billion IPO in September to raise funds to double the refinery’s capacity to 1.4 million barrels per day.
The offering, described as a “people’s IPO”, is expected to be Africa’s largest.
The Dangote refinery was built by the Dangote Group over 10 years at a cost of $20 billion.
Located on the outskirts of Lagos, the refinery currently processes up to 700,000 barrels of crude oil per day and has significantly reshaped Nigeria’s fuel market since it began operations in 2024.
