Kenya's CMA approves local investors' access to Dangote refinery IPO through GDRs

On 5 October 2026, Kenya's Capital Markets Authority (CMA) said it had approved a Short Form Prospectus for depositary receipts submitted by Renaissance Capital (Kenya) Limited, allowing eligible Kenyan investors to take part in the initial public offering of Nigeria's Dangote Petroleum Refinery. The offer closes on 13 October. The CMA said listing of the receipts on the Nairobi Securities Exchange (NSE) would be subject to approvals from Nigeria's Securities and Exchange Commission.

Under the plan, Renaissance Capital is arranging Global Depositary Receipts (GDRs), certificates that represent shares held in another country. According to The Star, investors would place orders through licensed Kenyan brokers while the Dangote shares stay in Nigerian custody, and the receipts would trade and settle in Kenya in shillings. TechTrends Kenya reported on 30 September that a GDR holder holds the receipt, not the underlying Nigerian share.

The CMA's chief executive, Wyckliffe Shamia, said the authority had received an application that was under consideration, Business Daily reported on 1 October. "Once all issues have been addressed, the requisite approval shall be granted and thereafter listing will take place. This could take a few days from now," he said, as quoted by the paper.

Business Daily reported that Renaissance Capital had expected the CMA's approval on 1 October so that it could sell the receipts between 5 and 13 October, matching the close of the offer in Nigeria. The paper said the CMA wanted promoters to resolve pending issues before granting approval.

On 21 September, the CMA published a notice saying the Dangote offer "is regulated in Nigeria and has not been submitted for consideration and approval by CMA under the applicable Kenyan legal and regulatory framework", Kenyans.co.ke reported that day.

The offer in Nigeria opened on 14 September and closes on 13 October. It comprises 4.1 billion shares at 525 naira each, according to The Star.

For Kenya, Business Daily reported on 29 September a price of KSh 49.25 a GDR and a minimum purchase of 10 GDRs. Eastleigh Voice put the minimum at KSh 492.50 on 30 September. At the Central Bank of Kenya's rate of KSh 129.76 to the US dollar on 5 October, KSh 492.50 is about US$3.8. The Star reported that Kenyan investors could put in up to US$300 million, which it put at about KSh 38.7 billion.

Eastleigh Voice reported that Stanbic Bank would be custodian and that the Central Depository and Settlement Corporation would handle settlement in shillings. TechTrends Kenya reported that allotment is targeted for around 11 November and that NSE trading is targeted to begin on 8 December 2026, subject to regulatory approval.