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Uganda’s Capital Markets Authority reportedly allowed the Nigerian Dangote refinery share offer to be marketed locally, but not to the general public. Uganda Business News reported that the offer could be marketed only to professional and high-net-worth investors through SBG Securities Uganda Limited. The reported authorization was permission to distribute the offer, not an endorsement of the shares.

What Uganda’s reported approval allows

Uganda Business News reported that a Uganda CMA notice dated 6 October 2026 authorized marketing shares in Dangote Petroleum Refinery and Petrochemicals FZE, a Nigerian company. According to the report, SBG Securities Uganda Limited was the only local intermediary authorized at that time, and could offer the shares only to professional and high-net-worth investors. The offer could not be advertised or solicited among the general public. Uganda Business News’ report is the basis for these details; the original CMA notice was not located, so its exact wording and any additional conditions are not independently confirmed.

That means “domestic investors” does not mean every Ugandan could participate. The reported eligibility restriction and distribution channel matter: prospective investors should verify current terms directly with the authorized intermediary and the relevant offer documents before taking action.

Reported offer size, price and dates

Uganda Business News said the prospectus, dated 7 September 2026, set out an offer of 4.1 billion shares at ₦525 per share. The report gave 13 October 2026 as the application deadline and said trading on the Nigerian Exchange was expected to begin in mid-November 2026. These are reported offer terms and expectations, not confirmation that the offer remains open or that trading began as scheduled. Check the issuer’s offer documents and current regulatory information for any changes.

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Marketing permission is not an investment recommendation

The report said Uganda’s CMA did not approve or endorse the prospectus, assess the company’s commercial merits, financial viability or expected performance, or recommend buying the securities. Regulatory permission to market an offer should therefore not be read as a finding that the investment is suitable or likely to succeed.

For a cross-border investment, the report also highlighted potential currency, custody and tax issues. Investors should establish how shares would be held, how transactions and any proceeds would be handled across currencies, what taxes may apply, and what practical arrangements govern transfers or repatriation. The reported approval alone does not answer those questions.

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Do not confuse this offer with the proposed Lamu refinery

The offer concerns shares in the existing Nigerian company, Dangote Petroleum Refinery and Petrochemicals FZE. It is separate from the proposed regional refinery project in Lamu, Kenya. Kenya’s Capital Markets Authority clarified that its own approval for Kenyan investor participation related to the Nigerian issuer, not an offer in the proposed Lamu project. A clearance in Kenya does not itself establish permission or eligibility in Uganda.

Uganda’s discussion of regional refinery investment is also a separate matter. In a statement published on 18 May 2026, President Yoweri Kaguta Museveni said: “We shall support Mr. Dangote, and we are ready to buy shares in the regional refinery because our goal is regional integration and industrial development.” The statement referred to a proposed regional refinery initiative; it was not a statement about the later marketing authorization for shares in the Nigerian refinery company. On 5 October, Museveni separately discussed the proposed Lamu refinery, Uganda’s intention to proceed with its own refinery, and cross-border sharing of jobs and benefits.

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Acoeitl 10 Pcs Thickened Disposable Plastic Grout Bags for Tuck Pointing Masonry Mortar and Grouting Squeeze Piping Bag for Shower Tile Cement Brick Ceramic Caulk (11x19 Inch)
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