NSE Unveils Local-Currency Route to Dangote Refinery IPO for Kenyan Investors

Kenyan investors will be able to participate in the Dangote Refinery initial public offering (IPO) through a shilling-denominated access programme planned for listing on the Nairobi Securities Exchange, NSE chief executive Frank Mwiti has said.

Mwiti announced the arrangement following a visit by Aliko Dangote to the exchange on Tuesday for discussions with Kenyan and East African investors about the IPO.

He said the Kenyan participation framework will use a Capital Markets Authority-approved Global Depository Receipts programme to be listed on the NSE. 

The arrangement is intended to allow investors “to access the opportunity in Kenya shillings through their standard Central Depository System accounts”, he said.

“This was about more than an IPO. It was about opening African ownership to one of the continent’s most consequential industrial growth stories,” Mwiti said. “African capital must increasingly finance African ambition,” he said.