The Capital Markets Authority (CMA) has issued a warning to Kenyans seeking to invest in the Dangote Refinery Initial Public Offering (IPO), noting the offer has not been approved locally.

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In a public notice obtained by  Kenyans.co.ke on Monday, September 21, the regulator noted that information about the IPO has been circulating, warning Kenyans against making investments through the wrong and unverified channels.

CMA said the share sale is regulated in Nigeria and has not been submitted for its consideration and approval under Kenya's legal and regulatory framework.

“ The Capital Markets Authority (CMA) notes the information circulating in relation to the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO),” CMA warned.

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Adding, “This public offer is regulated in Nigeria and has not been submitted for consideration and approval by CMA under the applicable Kenyan legal and regulatory framework.”

Kenyans are now being urged to independently verify the authenticity and source of any prospectus or offering document before making payments, investment decisions, or sharing personal or financial information.

Dangote Refinery launched Africa's largest-ever IPO on the Nigerian Exchange (NGX) on September 14, targeting over Ksh211 billion (USD1.63 billion) through 4.1 billion new ordinary shares at Ksh5 each.

The offer closes October 13, with trading expected late November. Investors need at least 10 shares, or Ksh511, and the sale values the company at up to Ksh6.4 trillion.

Speaking to Kenyan CNN journalist Larry Madowo on Monday, Aliko Dangote said the IPO is not only meant for Nigerians, noting it has attracted strong interest from investors across Africa.

Dubbed the ‘People's IPO’, the sale uses digital and fintech channels with a low barrier to entry. Dangote said it aims to democratise stock markets and spread wealth across Africa.

📰 Source: Kenyans.co.ke