Kenyan investors seek access to Dangote Refinery IPO through NSE GDRs

Kenyan investors and capital market players are exploring a proposed Global Depositary Receipt (GDR) listing on the Nairobi Securities Exchange (NSE) to gain access to Dangote Refinery's IPO. According to Business Today Kenya, an institutional investor engagement session took place on September 29, 2026, involving Dangote Group's President and CEO, Aliko Dangote, and his team.

The proposed unsponsored GDR programme would enable Kenyan investors to trade receipts representing Dangote Refinery shares on the NSE, with the primary listing remaining on the Nigerian Exchange (NGX). The receipts would be traded and settled in Kenyan shillings, with Renaissance Capital serving as the lead transaction adviser, sponsoring broker, and GDR issuer.

Stanbic Bank Kenya would hold the underlying shares in custody, and licensed Kenyan stockbrokers would manage investor orders and conduct KYC checks. The programme, subject to regulatory approval and final terms, could attract up to $300 million from Kenyan investors. Dangote Refinery's IPO has garnered interest beyond Nigeria, with Kenya being a specific market targeted for broader access to the offer.

The proposal outlines a local-market route for Kenyan investors to participate in the Nigerian-listed asset, complementing the existing primary listing on the NGX.