- Kenyan investors can now buy into Africa's largest oil refinery through the NSE with a minimum investment of just KSh 535
- The Dangote Petroleum Refinery GDR offer, which opened October 6, 2026, closes on October 13 at 5:00 pm EAT
- Applications can be submitted via USSD, an online portal, or through an authorised broker, with payment accepted via M-Pesa or bank transfer
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Kenyan retail investors can purchase a stake in Dangote Petroleum Refinery and Petrochemicals, Africa's largest oil refinery, through the Nairobi Securities Exchange (NSE).
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The minimum subscription has been lowered to KSh 535 following a revision by the offer's lead arranger, Renaissance Capital.
The adjustment reduced the entry point from 2,000 Global Depository Receipts (GDRs) to just 10 GDRs, each priced at KSh 53.50.
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The Capital Markets Authority (CMA) approved the change, which brings the Kenyan minimum in line with the threshold set under the Nigerian IPO.
What Is on Offer and Who Can Apply
The total offer is valued at KSh 39 billion, covering up to 728,971,962 GDRs. A GDR is a certificate representing ownership of shares in a foreign-listed company, allowing Kenyan investors to access the Nigerian refinery through the local exchange in Kenyan shillings.
Each GDR corresponds to one underlying share in Dangote Petroleum Refinery and Petrochemicals FZE, the company controlled by Nigerian billionaire Aliko Dangote.
Eligible applicants must hold a valid Central Depository and Settlement Corporation (CDSC) account.
This covers individual investors, institutional investors, and qualified institutional investors.
Those without a CDSC account can open one through a licensed broker or Central Depository Agent before applying.
How to Apply and What to Expect After Listing
Applications may be submitted through three routes: via USSD by dialling *483*250#, through the online portal at https://dangotegdr.e-offer.app/, or through an authorised selling agent or licensed broker.
Payments must be made in full in Kenyan shillings, with M-Pesa accepted for USSD applications and electronic funds transfer or bank transfer available for online submissions.
The offer closes on Tuesday, October 13, 2026, at 5:00 pm East African Time.
Successful allocations will be credited to investors' CDSC accounts, with GDRs expected to list on the NSE around December 8, 2026, pending regulatory approvals.
Investors should note that allocation is not guaranteed. The offer is not underwritten, and a minimum threshold of KSh 50 million must be reached in both applications and underlying share allotments for the transaction to proceed.
Once listed, the GDRs will be tradeable on the secondary market through licensed brokers, providing an exit route for those who wish to sell their holdings after listing.
GDR holders will also be entitled to dividends on the underlying shares, converted into Kenyan shillings after applicable Nigerian and Kenyan withholding taxes.
Investors should be aware that there is no double taxation agreement between the two countries, and a 10% Nigerian withholding tax applies to dividends.
The CMA has emphasised that its approval of the offer does not constitute a recommendation to invest.
Key risks include currency fluctuations between the Nigerian naira and the Kenya shilling, limited trading liquidity, and the possibility that Nigerian regulatory clearance may not be obtained, which would prevent the GDRs from being issued or listed on the NSE.
Source: TUKO.co.ke