Ethiopia has limited access to Dangote Petroleum Refinery and Petrochemicals’ proposed share offering to qualified investors, warning that the sale must follow the country’s capital market regulations.
In a notice dated October 13, 2026, the Ethiopian Capital Market Authority (ECMA) said the offer was not open to the general public in Ethiopia. The regulator cautioned that individuals and firms involved in marketing or selling the securities outside the approved framework could face legal consequences.
“The proposed offering does not constitute an offer to the general public in Ethiopia,” ECMA stated.
The authority said participation must be restricted to investors who meet the requirements under Capital Market Proclamation No. 1248/2021 and the Public Offer and Trading of Securities Directive No. 1030/2024.
ECMA also limited the number of qualified investors in the offer to 100 unless the authority grants prior approval for a higher number.
Intermediaries and agents handling the transaction must verify investors’ eligibility and keep records before allowing them to participate. Promotional materials must clearly explain that the securities are not available to the general public, while mass advertising targeting ineligible investors is prohibited.
The regulator further stated that advertisements soliciting investors must receive its approval before publication. It also clarified that allowing qualified investors to participate does not amount to an endorsement of the company or a guarantee of investment returns.
Prospective investors have been advised to study the offering documents and assess the risks before making investment decisions.
Regional regulators take different approaches
Ethiopia’s position adds to the different regulatory arrangements emerging across East Africa as Dangote seeks investors beyond Nigeria.
In Uganda, the Capital Markets Authority restricted participation to high-net-worth individuals and professional investors, while authorising SBG Securities Uganda Limited to facilitate the transaction.
Kenya adopted a different approach, approving a short-form prospectus submitted by Renaissance Capital (Kenya) Limited on October 5, 2026. The approval allows eligible Kenyan investors to access the offering through Global Depository Receipts (GDRs), which represent shares in the Nigerian company.
The arrangements show how national regulators are applying their own investor-protection requirements to cross-border securities offerings.
Dangote Petroleum Refinery and Petrochemicals opened its initial public offering (IPO) on September 14, 2026. The offer, initially scheduled to close on October 13, was extended to October 27 following approval from Nigeria’s Securities and Exchange Commission.
The company is targeting approximately ₦2.15 trillion, equivalent to about $1.6 billion, at the base offer size. The amount could increase if the over-allotment option is fully exercised.
Proceeds are intended to support the refinery’s expansion plans, which seek to raise processing capacity from about 700,000 barrels of crude oil per day to 1.4 million barrels per day by 2029.
The proposed investment concerns the Lagos-based Nigerian refinery, not the separate Dangote East African Petroleum Refinery and Petrochemicals project planned for Lamu County, Kenya.
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