The Capital Markets Authority (CMA) Uganda has authorised the offer of securities under Dangote Petroleum Refinery and Petrochemicals FZE’s Initial Public Offering (IPO) to eligible investors in Uganda.
The approval, dated October 6, 2026, allows the offer to be promoted, marketed and distributed in Uganda through CMA-licensed intermediaries, with SBG Securities Uganda Limited currently authorised to facilitate access to the offer.
CMA said its approval followed an application submitted on behalf of the Nigerian refinery by Stanbic IBTC Capital Limited, the adviser to the issuer on the transaction.
The Authority said it had confirmed that the offer and its prospectus had been approved by Nigeria’s Securities and Exchange Commission.
Under the conditions attached to the approval, all marketing, distribution, promotion and solicitation of prospective investors in Uganda must be conducted through a CMA-licensed intermediary.
CMA also said licensed intermediaries must obtain the Authority’s express written no-objection before marketing, promoting, distributing or facilitating the offer in Uganda.
The distribution of the offer has been restricted to high-net-worth individuals and professional investors. CMA said it should not be promoted through indiscriminate advertising, mass solicitation or other methods targeting the general public.
SBG Securities Uganda said it is facilitating access to the offer for eligible investors in Uganda under the mandate cleared by CMA. “The offer opened on 14 September 2026 and closes on 13 October 2026, unless extended,” SBG Securities said in a notice.
The company said its role is limited to distributing the approved offer documents and supporting eligible investors who express interest in the offer within Uganda.
CMA, however, cautioned investors that its regulatory approval should not be interpreted as an endorsement or recommendation of the IPO, the securities being offered or the investment merits of the transaction.
The Authority said it had not endorsed the commercial merits, financial viability or expected performance of the investment.
CMA also warned that the issuer and some entities involved in the cross-border custody and execution arrangements are not licensed or directly supervised by the Ugandan regulator.
The Authority urged prospective investors to consider risks associated with investing in securities listed in foreign jurisdictions, including foreign exchange, market, custody and taxation risks, as well as the mechanisms available for exercising investor rights.
“Investors are strongly encouraged to deal only with licensed and approved market players,” CMA said.
The approval also includes an exemption for the issuer from certain requirements under Part XII of the Capital Markets Authority Act, Cap. 64, and related regulations, subject to the conditions set out by the regulator.
SBG Securities Uganda is currently the only intermediary identified by CMA as authorised to market and offer the Dangote IPO to Ugandan investors. The Authority said the public would be notified if any other licensed intermediary receives authorisation.
The IPO relates to Dangote Petroleum Refinery and Petrochemicals FZE, the company behind the 650,000-barrel-per-day Dangote refinery in Nigeria.
Ugandan investors seeking to participate have been advised to review the offer documentation and seek independent professional advice where necessary before making investment decisions.