CMA APPROVES PARTICIPATION BY KENYAN INVESTORS IN THE DANGOTE PETROLEUM REFINERY & PETROCHEMICALS INITIAL PUBLIC OFFERING (IPO) THROUGH A GLOBAL DEPOSITORY RECEIPT
Nairobi 5 October 2026…The Capital Markets Authority (CMA) has approved a Short Form Prospectus for a global depository receipt (GDR) submitted by Renaissance Capital (Kenya) Limited, a licensed investment bank, enabling eligible Kenyan investors to participate in the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals (DPRP). The DPRP IPO opened on 14 September 2026 and closes on 13 October 2026.
A global depository receipt (GDR) is a negotiable certificate issued by a depository bank that represents shares in a foreign company. GDRs allow investors in one country to invest in companies from another country without directly purchasing the underlying shares.
In the case under review, Renaissance Capital (Kenya) Limited will put in place appropriate custodial arrangements for funds received from investors. Renaissance Capital (Kenya) Limited is working in collaboration with Renaissance Capital Africa, licensed in Nigeria. At the close of the DPRP IPO and confirmation of the allocation of DPRP shares, Renaissance Capital (Kenya) Limited will structure GDRs which will be listed at the Nairobi Securities Exchange (NSE).
Listing of the GDRs at NSE will be subject to obtaining relevant approvals from the Securities and Exchange Commission, Nigeria. CMA has already granted the greenlight to Renaissance Capital (Kenya) Limited to seek the listing subject to the successful fund raise and subsequent allocation of requisite shares that will facilitate creation of the GDRs.
The transaction is the first of its kind since the issuance of the Policy Guidance Note on Global Depositary Receipts and Global Depositary Notes in Kenya. This approval provides an opportunity for Kenyan investors to access a significant African IPO and positions Kenya as a financial hub for capital raising in Africa.
CMA wishes to clarify that the DPRP IPO relates only to Dangote Petroleum Refinery & Petrochemicals FZE based in Nigeria, and at this time, is not an offer of shares in the Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County.
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CMA would also like to confirm that several other licensed firms are facilitating their clients to participate in the DPRP IPO through arrangements/correspondent relationships with authorised transaction parties in the DPRP IPO in Nigeria. These 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’s approval of the Short Form Prospectus for the DPRP GDRs is not a recommendation to invest. Interested investors are urged to read the Short Form Prospectus, which will be published by Renaissance Capital (Kenya) Limited and available from its partnering authorised selling agents.
The investing public are therefore encouraged to seek independent professional investment advice in relation to the GDRs transaction since its features are different from the usual conventional instruments/investments through the NSE.
CMA remains committed to promoting a fair, orderly and efficient capital markets and expanding investment opportunities for investors in Kenya.
ENDS
BACKGROUND INFORMATION
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Assistant Director, Corporate Communications & International Affairs on amwangi@cma.or.ke
