NSE lowers Dangote GDR entry cost to Ksh535 ahead of deadline

The Nairobi Securities Exchange (NSE) has reduced the minimum investment needed to buy Global Depository Receipts (GDRs) for Dangote Petroleum Refinery to Ksh535, making it easier for more Kenyan investors to take part. This lower entry cost was announced on Monday, just a day before the October 13, 2026 deadline. Previously, investors had to buy 2,000 GDRs, each priced at Ksh53.50, totaling Ksh106,000. Now, with each GDR still costing Ksh53.50, investors need only 10 GDRs, totaling Ksh535 to start investing.

This adjustment makes it possible for more Kenyans and investors from East Africa to join the offer, which closes on Tuesday, October 13, 2026. The NSE advises potential investors to carefully read the Information Memorandum and supplementary details before making a decision. The offer, initially launched on October 6, 2026, aims to let Kenyan investors own a piece of Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise in Nigeria, all through the Nairobi Securities Exchange, without buying shares directly in Nigeria.

The offer consists of up to 728,971,962 GDRs, each standing for one ordinary share in the Nigerian company. The Capital Markets Authority has given its approval for the public offer to be listed on the NSE’s main market segment, though the actual listing must still get the go-ahead from Nigerian regulators. Investors can apply via the NSE’s designated online portal or by calling *483250#.

To make the payment, a valid Central Depository and Settlement Corporation (CDSC) account is needed, and the full amount must be paid in Kenya shillings through M-Pesa or electronic transfers. Stanbic Bank Kenya handles the custody and receiving of funds, while Image Registrars manages the registration of shares.

Despite the lower investment amount, there are risks involved. These include changes in currency value, taxes, and possible delays in getting dividends or voting rights. GDR holders will receive dividends declared on the shares behind the GDR, but after taxes and fees. They will also be able to vote on company matters, but this will be done collectively by the issuer of the GDR.

The offer is not backed by any underwriters, and the listing of GDRs depends on getting the necessary approvals from regulators. Investors are urged to use official channels, only work with CMA-licensed brokers, and to read all the offer details before deciding to invest.