- Seven Kenyan firms have been cleared to facilitate local participation in the refinery share sale
- Investors have until October 13 to subscribe to the Nigerian offer
- The regulator has outlined approved channels for Kenyans seeking access to the IPO
Kenyan investors now have an approved route into Africa’s biggest share sale. The Capital Markets Authority (CMA) has licensed seven local firms to help clients subscribe to the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals in Nigeria.
The cleared firms are CPF Capital & Advisory, SBG Securities, Francis Drummond & Company, National Bank of Kenya, Sterling Capital, Kestrel Capital and AXYS Investment Bank. According to the regulator, each has struck arrangements with authorised transaction parties in Nigeria, and that link is what allows them to pass Kenyan orders into the offer.
Time is short. The sale opened on September 14, 2026, and closes on October 13, 2026. Priced at ₦525 a share, it covers 4.1 billion shares and aims to raise about ₦2.15 trillion, roughly $1.6 billion or about Ksh206.9 billion. The minimum application is 10 shares, or ₦5,250.
Each firm will play a different part. SBG Securities will team up with Stanbic Bank Kenya, which will hold the shares as custodian, while National Bank of Kenya will offer its own custody services. CPF Capital & Advisory will serve as investment adviser. Francis Drummond and Kestrel Capital will operate as stockbrokers, and Sterling Capital and AXYS Investment Bank will act as investment banks.
READ ALSO:
Coffee societies earned Sh41 billion in the year 2025/2026 season
The announcement marks a shift in tone. In late September, the CMA cautioned the public that the offer is regulated in Nigeria and had not been submitted for approval under Kenyan law. At the time, it urged investors to deal only through licensed intermediaries and to confirm their status on its official register. Since then, interest has clearly kept growing.
Indeed, the regulator says it has received several enquiries from Kenyans keen to take part. Another route opened a day earlier, when it cleared Renaissance Capital (Kenya) Limited to arrange participation through global depository receipts (GDRs). Even so, the door remains open. The CMA says it will consider other licensed intermediaries, provided they put the required arrangements with Nigerian transaction parties in place.
Kenyan appetite had been flagged well before the offer opened. Sources cited by Reuters suggested that local investors, pension funds in particular, could take up as much as $500 million of the issue. Meanwhile, the Nairobi Securities Exchange said its chief priority was to get Kenyan retail investors, pension funds and asset managers into the current sale.
By Benedict Aoya
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
