Ugandan investors can now take part in Dangote Petroleum Refinery's $1.6 billion initial public offering (IPO), after the country's capital markets regulator approved the sale — a move that opens a new avenue for the Nigerian oil giant to attract investment beyond its home market. Clearances of this kind are required before a foreign share offer can be marketed to local investors, making the regulator's sign-off the gateway through which regional buyers reach a deal that began as a Nigerian domestic offering.

The Capital Markets Authority (CMA) of Uganda cleared the investment opportunity on October 6, following application from Stanbic IBTC Capital, which is representing Dangote Petroleum Refinery in the offering. The approval came just days after Kenya granted its own eligible investors access to the same deal, highlighting Dangote's strategy of engaging investors from across Africa before the IPO closes on October 13.

Not every Ugandan will be able to buy in easily, however. The CMA has stated that the offer is specifically available to high-net-worth individuals and professional investors, meaning it will not be advertised or solicited to the general public through mass-market channels. In practice, only investors who meet the regulator's wealth and expertise criteria can be approached about the shares while the offer remains open.

SBG Securities Uganda is currently the authorised intermediary responsible for marketing and selling the shares to interested Ugandan investors. Other licensed firms that wish to distribute the offering will need to obtain approval from the regulator before they can take part — until then, SBG Securities Uganda remains the sole authorised local channel into the deal.

For eligible Ugandan investors, the approval provides a route into one of Africa's most closely watched industrial ventures as the subscription window narrows, though the offer's restricted structure means participation will remain limited to a narrow pool of qualified buyers.

The IPO was launched in Nigeria on September 14 as part of the refinery's push to broaden its investor base beyond its home market. It comprises 4.1 billion shares priced at ₦525 each. If fully subscribed, the sale could raise around ₦2.15 trillion — approximately $1.6 billion — which would make it the largest share offering in Africa to date.

Dangote is promoting the transaction as a “people's IPO,” with an ambitious target of attracting 10 million retail investors. That goal is particularly noteworthy because it would surpass the record set by Saudi Aramco, which drew 4.5 million retail subscribers during its own IPO in 2019.

Capital raised from the offer is earmarked for financing the expansion of the refinery. The facility currently operates at a capacity of about 700,000 barrels per day, and management has plans in place to double that to 1.4 million barrels per day.

Located in Lekki, Lagos, the refinery began operations in 2024 and has quickly become a cornerstone of Nigeria's fuel supply chain, playing a vital role in meeting the country's energy needs. Beyond raising funds, Dangote has framed the offering as an invitation for everyday investors to take part in a project the company says could reshape Nigeria's energy landscape for years to come.

Uganda's decision follows Kenya's earlier move to allow its eligible investors to join the same offering. The Capital Markets Authority of Kenya established a framework enabling local investors to buy shares in the Nigerian refinery through Global Depository Receipts (GDRs) listed on the Nairobi Securities Exchange. The structure allows Kenyan investors to gain exposure to Dangote's operations in Nigeria without directly purchasing the underlying shares. The contrast with Uganda's direct-offer approval shows the same deal being adapted to each market's regulatory setup.

The IPO now open to investors from Uganda and Kenya is separate from Dangote's ambitious $16 billion refinery project under development in Lamu, Kenya. That new East African facility is designed to have a capacity of 700,000 barrels per day, and just last month Dangote and Kenyan President William Ruto marked the formal commencement of the project.

With the subscription deadline set for October 13, Uganda's approval opens the door for even more African investors to participate in one of the continent's largest capital market offerings before the window closes. In the days that remain, markers to watch include the final subscription tally against the ₦2.15 trillion maximum, progress toward Dangote's 10 million-investor target, and whether further regulators clear local access before the deadline.