CMA Gives Green Light To Dangote Refinery IPO In Uganda

Uganda’s capital markets regulator has cleared the promotion, marketing and distribution of Dangote Petroleum Refinery and Petrochemicals FZE’s initial public offering to eligible investors in the country, opening a regulated channel for Ugandans seeking to participate in the Nigerian offer.

The Capital Markets Authority Uganda granted the approval on October 5, 2026, following an application by Stanbic IBTC Capital Limited on behalf of Dangote Petroleum Refinery and Petrochemicals FZE.

The approval allows the offer to be promoted, marketed and distributed in Uganda, subject to conditions designed to ensure that local investors participate through properly regulated market intermediaries.

The offer originates from Nigeria, where it is being conducted under the laws and regulatory framework of the Federal Republic of Nigeria. The Securities and Exchange Commission of Nigeria has approved the prospectus relating to the securities being offered, meaning the transaction remains primarily under the supervision of Nigeria’s capital markets regulator.

In Uganda, the CMA said all promotional, marketing and distribution activities must be undertaken exclusively through intermediaries licensed by the Authority. Such intermediaries must also obtain prior written clearance from the CMA before carrying out distribution activities connected to the offer.

So far, the Authority has authorized SBG Securities Uganda Limited to market and distribute the offer to eligible investors in Uganda. CMA Uganda said any further approvals granted to other licensed intermediaries will be communicated to the public.

The regulator said the conditions are intended to protect investors by ensuring that participation takes place through a regulated framework, with appropriate arrangements for handling investor funds, meeting anti money laundering requirements, providing post offer investor services and fulfilling regulatory reporting obligations.

However, the approval should not be interpreted as an endorsement of the Dangote refinery investment. CMA Uganda stressed that it has not approved the offer prospectus or independently assessed the accuracy or completeness of information contained in it.

The Authority also said it had not evaluated the commercial merits of the investment or its expected performance. Dangote Petroleum Refinery and other entities involved in custody and execution arrangements for the offer in Nigeria are not licensed or supervised by CMA Uganda.

The warning places the focus on investor due diligence as Ugandans consider whether to participate in the foreign securities offering. The regulator has urged prospective investors to seek independent professional advice and carefully study the offer documentation before committing funds.

Among the issues investors have been advised to consider are foreign exchange and market risks, custody and omnibus account arrangements, taxation and the procedures governing the exercise of investor rights in a foreign jurisdiction.

The development also highlights the growing importance of regulatory coordination as investment opportunities increasingly cross national borders.

While the Ugandan regulator has provided a framework for local participation, responsibility for the underlying Nigerian offer remains with the relevant authorities and institutions in Nigeria.

For Ugandan investors, the distinction is significant. CMA Uganda’s approval means that the offer can be promoted and distributed through authorized local channels, but it does not remove the risks associated with investing in securities listed or offered in another country.

The Authority has advised stakeholders seeking further information to consult its public notice, which provides details of the approval, the conditions attached to it and guidance for investors.

The development gives Ugandan investors access to a major regional investment opportunity while placing renewed emphasis on informed decision making and the safeguards that come with using regulated financial intermediaries.

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