The Dangote Refinery IPO makes shares available on the Nigerian Exchange. A Global Depository Receipt programme is designed to give eligible Kenyan investors a route to participate and, once listed, trade the corresponding GDRs locally in Kenyan shillings.
Follow the GDR
01 — The Dangote Refinery IPO
The IPO makes Dangote Petroleum Refinery Plc shares available on the Nigerian Exchange.
02 — Investors choose to participate
Eligible Kenyan investors decide whether to participate and submit their applications through a licensed stockbroker or investment bank taking part in the GDR programme.
03 — Applications are processed
Renaissance Capital Africa and its partners process and pool the applications under the GDR programme, then submit the combined application for the underlying shares.
04 — Shares are allotted and held in custody
Once shares are allotted, the underlying shares are held in custody in Nigeria by Stanbic Bank for the benefit of GDR holders.
05 — GDRs are issued
Global Depository Receipts are issued against the underlying shares held in custody.
06 — GDRs reach Kenyan investors
Investors receive their GDRs in their Central Depository and Settlement Corporation accounts.
07 — GDRs trade on the NSE
Once listed, the GDRs can be bought and sold in Kenyan shillings through licensed stockbrokers on the Nairobi Securities Exchange.
This is the practical market architecture that can turn pan-African ownership from an aspiration into an accessible investment route.
Learn more
Visit dangotegdr.e-offer.app for the programme's official investor information.
Support centre: Monday–Friday, 8:00 AM–5:00 PM EAT
Telephone: 0709 170 006
Email: [email protected]
Important information
This explainer is provided for general information only and does not constitute investment, legal, tax, or financial advice, an offer, or a recommendation to buy securities. Eligibility, offer terms, listing, allotment, and trading remain subject to the official offer documents and applicable regulatory approvals. Investments can rise or fall in value, and investors may lose some or all of their capital. Read the official documents and seek advice from a licensed professional before making an investment decision.
For the wider argument about African ownership and market infrastructure, read Owning the Engine Is Not the Same as Owning the Wealth.