Uganda’s Capital Markets Authority has approved the participation of Ugandan investors in the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.
The approval allows investors in Uganda to participate in the $1.6 billion IPO launched by Africa’s richest man, Aliko Dangote, in September.
The offer, described as a “people’s IPO”, is aimed at raising funds to expand the refinery’s capacity from its current 700,000 barrels per day to 1.4 million barrels per day.
The Capital Markets Authority said the approval followed an application submitted on behalf of Dangote Petroleum Refinery by Stanbic IBTC Capital Limited.
Uganda becomes the latest East African market to open the investment opportunity to local investors. Kenya also approved participation in the IPO this week after its capital markets regulator approved a short-form prospectus for a global depository receipt.
The Dangote refinery, located on the outskirts of Lagos, was constructed by Dangote Group over about a decade at an estimated cost of $20 billion.
The facility began operations in 2024 and, with a processing capacity of 700,000 barrels of crude per day, has become a major player in Nigeria’s petroleum market.
The planned expansion would make the refinery one of the largest single-site refineries in the world, while the IPO is expected to become Africa’s largest public offering if it reaches its targeted $1.6 billion.
For Ugandan investors, the CMA approval opens a new opportunity to gain exposure to one of Africa’s largest energy projects through the international offering.