Kenya’s Capital Markets Authority (CMA) has approved a Global Depository Receipt (GDR) structure to facilitate participation by Kenyan investors in the ₦2.15 trillion Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP), opening a cross-border distribution channel for the Nigerian offer.
The approval was granted to Renaissance Capital (Kenya) Limited, which will work with Renaissance Capital Africa, its Nigeria-licensed affiliate, on the investment and custody arrangements. Following the close of the IPO and allocation of the underlying DPRP shares, Renaissance Capital (Kenya) will structure the GDRs for a proposed listing on the Nairobi Securities Exchange, subject to the requisite approval of the Securities and Exchange Commission, Nigeria.
The DPRP IPO, which opened on 14 September 2026, is scheduled to close on 13 October 2026.
The GDR structure provides Kenyan investors with access to the Nigerian offering through negotiable certificates representing the underlying DPRP shares, rather than direct acquisition of the Nigerian-listed securities. The CMA said the approval represents the first transaction of its kind since Kenya issued its Policy Guidance Note on Global Depositary Receipts and Global Depositary Notes.
In a separate communication, the CMA confirmed that it has also granted no-objections to seven Kenyan capital-markets intermediaries to facilitate client participation in the DPRP IPO through correspondent relationships with authorised transaction parties in Nigeria.
The approved intermediaries are CPF Capital & Advisory Limited, SBG Securities Limited and Stanbic Bank Kenya Limited, Francis Drummond & Company Limited, National Bank of Kenya, Sterling Capital Limited, Kestrel Capital (East Africa) Limited and AXYS Investment Bank Limited.
The CMA said the additional distribution arrangements are intended to broaden access to the IPO among Kenyan investors and noted that further licensed intermediaries may be approved where they establish appropriate arrangements with authorised parties involved in the Nigerian transaction.
The regulator clarified that the offer relates solely to DPRP’s Nigerian refinery and petrochemicals business and does not extend to the proposed Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County, Kenya.
The development extends the distribution footprint of Dangote Refinery’s IPO beyond Nigeria, with Renaissance Capital providing the GDR structuring route and a network of Kenyan investment banks, stockbrokers, custodians and investment advisers facilitating access to the offer.
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