Why you can’t buy Dangote refinery shares, but your planned friend can

Uganda’s Capital Markets Authority (CMA) has approved the distribution of Dangote refinery’s initial public offering in Uganda, but restricted its marketing to high-net-worth individuals and professional investors.

The regulator barred mass advertising and appeals aimed at the general public. It also warned that its approval does not amount to an endorsement of the investment.

In a notice dated October 6, 2026, CMA announced the clearance for the securities offer by Dangote Petroleum Refinery and Petrochemicals FZE.

The decision followed an application submitted on the company’s behalf by Stanbic IBTC Capital Limited. The application sought permission to promote, market and distribute the offer to eligible investors in Uganda.

CMA said Nigeria’s Securities and Exchange Commission had approved the offer and its prospectus, the document that sets out details of the investment.

However, the Ugandan regulator stressed that it had neither endorsed the prospectus nor assessed the investment’s commercial merits, financial viability or expected performance.

Its approval covers the distribution of this particular offer in Uganda. It does not provide standing clearance for future offers or transactions involving the company or participating intermediaries.

CMA named SBGS Uganda Limited as the intermediary authorised to market and offer the securities to Ugandan investors at the time of the notice. It pledged to announce any additional authorised firms.

All firms seeking to facilitate the offer must hold a CMA licence and obtain the regulator’s written clearance before approaching investors.

The authority also granted Dangote Petroleum Refinery and Petrochemicals FZE a conditional exemption from requirements under Part XII of the Capital Markets Authority Act and related regulations.

CMA cautioned that the issuer and some entities handling cross-border custody and transactions fall outside its licensing and direct supervision.

Prospective investors must therefore consider foreign exchange fluctuations, market risks, the arrangements for holding their securities, tax obligations and how they would exercise their investor rights.

The regulator urged investors to study the offer documents, seek independent professional advice where necessary and deal only with licensed and authorised firms.