Uganda reportedly authorized marketing shares in Nigeria’s Dangote Petroleum Refinery and Petrochemicals FZE to eligible investors in Uganda—but the reported permission is limited to professional and high-net-worth investors, not the general public. Uganda Business News reported that SBG Securities Uganda Limited was the only local intermediary authorized to market the offer when the notice was issued. The approval to market is not an endorsement of the investment.
What Uganda’s reported approval allows
Uganda Business News reported that the Capital Markets Authority (CMA) issued a notice dated 6 October 2026 allowing the Nigerian refinery company’s share offer to be marketed in Uganda. According to that report, marketing could be directed only to professional and high-net-worth investors, and the offer could not be advertised or solicited to the general public. SBG Securities Uganda Limited was reported as the only locally authorized intermediary at the time.
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The original CMA notice was not located, so these conditions are based on the contemporaneous report rather than direct confirmation from the regulator. The report does not establish that every Ugandan resident can apply: eligibility is restricted, and would-be investors should confirm their status and the current terms with the authorized intermediary.
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Uganda Business News attributed the offer terms to Dangote refinery’s prospectus dated 7 September 2026. It reported an offer of 4.1 billion shares at ₦525 per share, with applications closing on 13 October 2026. Trading on the Nigerian Exchange was expected to begin in mid-November 2026; that was a forecast in the report, not confirmation that trading subsequently began as scheduled.
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These are time-sensitive terms reported from the prospectus, not independently verified current details. Check the issuer’s offer documents and current regulatory information before acting. The report also flags cross-border questions around currency, custody and taxation; investors should establish how these arrangements apply to them before submitting an application.
Permission to market is not an investment recommendation
Uganda Business News reported that the CMA’s authorization did not mean the regulator had approved or endorsed the prospectus, assessed the refinery’s commercial merits or financial viability, predicted its performance, or recommended the shares. Regulatory permission to distribute an offer and an assessment of whether it suits a particular investor are different things.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.This is not the proposed Lamu refinery project
The offer concerns shares in the existing Nigerian issuer, Dangote Petroleum Refinery and Petrochemicals FZE. It should not be confused with the proposed regional refinery project in Lamu, Kenya. Kenya’s CMA separately clarified that its approval for Kenyan investor participation concerned the Nigerian company’s offer, not the proposed Lamu project.
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Uganda’s president, Yoweri Kaguta Museveni, has separately spoken in favor of regional refinery participation. In a statement published by the Office of the President on 18 May 2026, he said: “We shall support Mr. Dangote, and we are ready to buy shares in the regional refinery because our goal is regional integration and industrial development.” That statement concerned a proposed regional refinery initiative; it does not establish Uganda’s approval of the Nigerian company’s share offer. A 5 October statement also discussed the proposed Lamu refinery, Uganda’s intention to proceed with its own refinery, and sharing jobs and benefits across borders.
Quick Recap
What to verify before applying
- Confirm that you meet the professional or high-net-worth eligibility requirements reported for marketing in Uganda.
- Confirm with SBG Securities Uganda Limited whether it remains authorized and whether applications are still open.
- Read the current offer documents for the share price, closing date and expected trading arrangements; reported dates may have changed.
- Understand the currency, custody and tax arrangements for holding shares in a Nigerian issuer from Uganda.
- Do not treat regulatory permission to market the offer as a guarantee of returns or as a recommendation to invest.
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