CMA Uganda Approves Distribution of Nigeria’s Dangote Refinery Initial Public Offering

The Capital Markets Authority (CMA) Uganda has approved the promotion, marketing, and distribution of the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO) in Uganda

According to the statement released on 05th October, 2026, the cross-border offering originates from Nigeria, where it is regulated by the Securities and Exchange Commission (SEC), Nigeria. To safeguard local market integrity, CMA Uganda has mandated that all local distribution occur strictly through authorized local intermediaries. SBG Securities Uganda Limited is the first intermediary officially authorized to market the offer to eligible Ugandan investors.

 Key Regulatory Conditions & Compliance:

To maintain an orderly market framework, the CMA has instituted strict compliance parameters for the transaction:

* Licensed Intermediaries Only: All promotional activities must go through CMA-licensed firms.

* Prior No-Objection Required: Intermediaries must obtain explicit written clearance from the CMA before distribution.

* Regulated Safeguards: Conditions ensure strict anti-money laundering compliance, safe handling of investor funds, and robust post-offer reporting.

Authorized Intermediaries:

* SBG Securities Uganda Limited: Currently the sole authorized distributor in Uganda.

* Future Approvals: The CMA will publicly communicate any additional authorized intermediaries as they are approved.

 Investor Disclaimers & Risk Advisory:

The CMA emphasizes that this approval is regulatory, not a commercial endorsement. Investors must carefully evaluate the unique risks of this foreign asset:

 The CMA Uganda has not approved the prospectus, assessed the commercial merits, or evaluated the expected performance of the Dangote Refinery IPO. DPRP is not supervised by CMA Uganda.

* Foreign Jurisdiction Risks: Investors face cross-border legal frameworks.

* Currency Exposure: Potential foreign exchange volatility between UGX and NGN.

* Custody Frameworks: Investments are subject to omnibus-account and foreign custody arrangements.

* Taxation & Rights: Different tax implications and mechanisms for exercising investor rights apply.

Investors are strongly urged to read the official public notice at www.cmauganda.co.ug and seek independent financial advice before subscribing.