Kenyan investors will be able to participate in the Initial Public Offering (IPO) of Nigeria-based Dangote Petroleum Refinery & Petrochemicals (DPRP) following approval by the Capital Markets Authority (CMA).
The CMA has approved a Short Form Prospectus submitted by Renaissance Capital (Kenya) Limited, allowing eligible Kenyan investors to participate in the IPO through Global Depository Receipts (GDRs).
The DPRP IPO opened on September 14, 2026, and is scheduled to close on October 13, 2026.
A GDR is a negotiable certificate issued by a depository bank representing shares in a foreign company. It enables investors in one country to gain exposure to a company in another country without directly purchasing the underlying foreign shares.
Under the arrangement, Renaissance Capital (Kenya) will establish custodial arrangements for funds received from Kenyan investors and work with Renaissance Capital Africa, which is licensed in Nigeria.
Once the IPO closes and DPRP confirms the allocation of shares, Renaissance Capital (Kenya) will structure the GDRs for listing on the Nairobi Securities Exchange (NSE).
The proposed NSE listing will, however, require relevant approvals from Nigeria’s Securities and Exchange Commission. CMA said it has already authorised Renaissance Capital (Kenya) to pursue the listing, subject to a successful fundraising exercise and allocation of sufficient DPRP shares to facilitate the creation of the GDRs.
The transaction is the first of its kind since Kenya issued its Policy Guidance Note on Global Depositary Receipts and Global Depositary Notes, according to CMA.
The regulator said the approval expands investment opportunities available to Kenyan investors while strengthening Kenya’s position as a potential financial hub for capital raising across Africa.
CMA, however, clarified that the IPO concerns Dangote Petroleum Refinery & Petrochemicals FZE in Nigeria and should not be confused with the proposed Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County.
Several other Kenyan investment firms are also facilitating access to the Nigerian IPO through arrangements or correspondent relationships with authorised transaction parties in Nigeria.
They include CPF Capital & Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co Ltd, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank.
CMA stressed that its approval of the GDR prospectus does not constitute a recommendation to invest.
Potential investors have been advised to read the Short Form Prospectus, which will be published by Renaissance Capital (Kenya) and made available through its authorised selling agents.
The regulator also urged investors to seek independent professional advice because GDRs have features and risks that differ from conventional investment instruments traded on the NSE.
The development gives Kenyan investors a regulated mechanism through which they can seek exposure to one of Africa’s major new refinery listings, while linking Kenya’s capital markets more closely to Nigeria’s.
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