CMA (Capital Markets Authority) Uganda approved the offer on October 6 after an application submitted on behalf of Dangote Petroleum Refinery by Stanbic IBTC Capital.

The approval allows eligible Ugandan investors to participate in the refinery’s IPO (Initial Public Offering), which is already open in Nigeria and closes on October 13.

But the Ugandan approval comes with an important restriction: the offer can only be marketed to high-net-worth individuals and professional investors for now, rather than being advertised broadly to ordinary retail investors.

SBG Securities Uganda Limited is currently the authorised intermediary for investors participating from Uganda.

Dangote is raising ₦2.15tn

Dangote Petroleum Refinery opened the offer in Nigeria on September 14.

It is selling 4.1 billion new shares at ₦525 each, giving the offer a total value of about ₦2.15 trillion if fully subscribed.

In Nigeria, investors can subscribe for a minimum of 10 shares, worth ₦5,250.

SEC (Securities and Exchange Commission) Nigeria approved the public offer and has warned investors to use only officially authorised subscription channels.

The refinery plans to use the capital as part of its expansion programme, including plans to increase processing capacity from about 700,000 barrels per day to 1.4 million barrels per day.

Uganda follows Kenya

Uganda is not the first East African country to clear participation in the offer.

Kenya’s capital-markets regulator approved a structure earlier this week allowing eligible Kenyan investors to participate through GDRs (Global Depository Receipts).

The Kenyan structure could eventually allow interests linked to Dangote Refinery shares to trade on the Nairobi Securities Exchange, subject to further regulatory approvals.

That means a refinery built in Lagos is increasingly raising capital not simply as a Nigerian company, but as an African investment opportunity offered across national markets.

What this means

For Dangote Refinery, Uganda’s approval expands the pool of investors it can reach before the offer closes.

For Nigeria’s capital market, the development is also significant because one of the country’s largest private industrial assets is attracting formal investment access from elsewhere in Africa.

Ugandan approval, however, does not mean the country’s regulator is recommending the shares.

CMA Uganda specifically warned that investors still need to consider risks including exchange rates, taxation, custody and the fact that the investment is being made in a foreign market.

The next number to watch is how much of the ₦2.15 trillion offer is ultimately subscribed — and how much demand comes from investors outside Nigeria.