Kenyan investors now have a clear path to participate in the Dangote Petroleum Refinery & Petrochemicals FZE initial public offering without leaving the Nairobi Securities Exchange. Stanbic Bank Kenya Limited joins the Transaction Advisory consortium to serve as both the Receiving Bank and the Custodian Bank for the proposed unsponsored inward Global Depositary Receipt listing. Investors will buy and sell depositary receipts on the NSE in Kenyan shillings, while the underlying Nigerian shares remain held securely in Lagos, linked through Stanbic’s custody services.
The programme targets up to US$300 million in participation from Kenyan investors and, if approved, will mark the first unsponsored inward GDR programme of its kind in Africa. Dangote will list 4.1 billion ordinary shares at NGN525 per share on the Nigerian Exchange, with the offer open from 14 September 2026 to 13 October 2026. Licensed Kenyan stockbrokers will act as authorised selling agents, and the GDR issuer will set final allocations under a published methodology.
This mandate underscores the growing demand from Kenyan investors for seamless access to investment opportunities across Africa through trusted local market infrastructure. It also reinforces our conviction that African capital should drive Africa’s growth and create shared prosperity for the continent. Enabling access to a landmark Nigerian listing through the Nairobi Securities Exchange and in Kenyan shillings, this proposed programme showcases the value of an integrated pan‑African custody and capital markets network. We are proud to be part of this pioneering initiative and look forward to working with regulators and partners to bring it to market.