Dangote Refinery extends $1.6bn IPO to Egyptian investors

To encourage the participation of more African investors, Dangote Petroleum Refinery and Petrochemicals FZE has extended its $1.6 billion initial public offering (IPO) to Egypt.

Head of International Relations at the Egyptian Exchange, Rehab Sallam, disclosed this on Thursday during a strategic investment engagement involving executives of Dangote Industries Limited and the Egyptian bourse.

The move follows similar arrangements in Kenya and Botswana where the Lagos-based refinery is establishing depositary receipt programmes to facilitate cross-border investment in the IPO.

According to Sallam, executives of Dangote Industries Limited are participating in strategic investment discussions hosted by the Egyptian Exchange as part of efforts to expand the refinery’s investor base.

The engagement is expected to establish the groundwork for a depositary receipt programme in Egypt, providing a mechanism through which eligible local investors could participate in the offering without directly purchasing shares on the Nigerian market.

The proposed arrangement forms part of Dangote Group’s broader strategy to deepen regional participation in the IPO and strengthen investment connections across African capital markets.

Egypt is the latest African market being targeted by Dangote Group as it establishes investment arrangements to facilitate participation in the refinery’s IPO across the continent.

In Kenya, the Capital Markets Authority (CMA) approved a short-form prospectus submitted by Renaissance Capital (Kenya) Limited on October 5, 2026, allowing eligible investors to participate in the offering through global depositary receipts.

The arrangement enables Kenyan investors to gain exposure to shares in Dangote Petroleum Refinery through securities representing ownership in the Nigerian company.

In Botswana, the company is pursuing a similar programme, with Gaborone selected as the trading venue for $500 million worth of depositary receipts targeting investors across Southern Africa.

Ethiopia has also joined the investment expansion, with the country’s capital markets regulator approving an arrangement allowing Dangote Petroleum to offer IPO-linked securities to up to 100 qualified investors within Ethiopia.

These arrangements are intended to address regulatory and market-access barriers that have historically made it difficult for investors in one African country to participate directly in securities offerings in another.