Uganda’s Capital Markets Authority has approved access to the Dangote Petroleum Refinery Initial Public Offering (IPO) for eligible investors, days after Kenya also cleared the offer.

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The approval was issued in a public notice on Tuesday, October 6, allowing the offer to be marketed and distributed within Uganda under specified regulatory conditions.

“The Capital Markets Authority Uganda hereby informs the investing public, licensed market intermediaries, and all stakeholders of the approval of offer of securities under the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE within the Ugandan jurisdiction, in line with Sections 101 and 106 of the Capital Markets Authority Act Cap 64,” the notice read.

According to the notice, the offer in Uganda will be limited to high-net-worth individuals and professional investors rather than the general public.

📌 What You Need to Know

“The marketing and distribution of the offer shall be restricted to high-net-worth individuals and professional investors,” the notice added.

All marketing, promotion and distribution must be conducted through a CMA-licensed intermediary and require the regulator’s written clearance.

As of the date of the notice, SBGS Uganda Limited was the only intermediary authorised to facilitate the offer for Ugandan investors.

CMA Uganda said the application was submitted on behalf of the refinery and confirmed that the IPO and its offer documents had already been approved by Nigeria’s Securities and Exchange Commission.

The Ugandan regulator cautioned that its approval should not be interpreted as an endorsement of the Dangote IPO or an assessment of its financial or commercial prospects.

The move comes after President Yoweri Museveni said Uganda would continue pursuing its own refinery in Hoima despite Dangote choosing Lamu for the larger Ksh2.2 trillion East African project.

📰 Source: Kenyans.co.ke