Kenyan investors and capital market participants are exploring a proposed global fepositary receipt programme that would enable them to participate in Dangote Refinery’s ongoing initial public offering through the Nairobi Securities Exchange (NSE).
The proposal emerged following an institutional investor engagement session involving Dangote Group President and Chief Executive Officer, Aliko Dangote, and members of his executive team.
Under the proposed structure, Kenyan investors would be able to trade GDRs representing shares in Dangote Petroleum Refinery & Petrochemicals FZE on the NSE, with transactions conducted in Kenyan shillings.
The underlying Dangote Refinery shares would remain held in custody in Nigeria, while the Nigerian Exchange (NGX) would remain the primary market for the shares.
NSE Chief Executive Officer, Frank Mwiti, said the proposed arrangement is designed to make cross-border investment in the refinery more accessible to Kenyan institutional and retail investors through existing local-market infrastructure.
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David Kinyua, Chairman of Renaissance Capital, said the programme could potentially attract up to $300 million from Kenyan investors, subject to regulatory approval and the final terms of the transaction.
Stanley Kariuki, Managing Director of Renaissance Capital, said the GDRs would be traded and settled in Kenyan shillings.
Renaissance Capital is expected to act as lead transaction adviser, sponsoring broker and GDR issuer, while Stanbic Bank Kenya would serve as custodian of the underlying shares.
Licensed Kenyan stockbrokers would be responsible for processing investor orders and conducting Know Your Customer checks, while G&A Advocates would provide legal and regulatory advisory services.
The proposed programme remains subject to regulatory approval and final transaction terms. It is expected to complement, rather than replace, the Dangote Refinery’s primary listing on the NGX.
The development comes amid efforts to broaden access to Dangote Refinery’s IPO beyond Nigeria. Earlier reports indicated that the company was exploring ways to enable investors across other African markets to participate in the offer.
Dangote Refinery is currently offering 4.1 billion shares at N525 per share in a public offer valued at about N2.15 trillion. The offer is scheduled to close on October 13, 2026.
The proposed Kenyan GDR arrangement would provide investors in the country with a local-market channel to participate in the Nigerian offer while maintaining the NGX as the primary market for the underlying Dangote Refinery shares.
