Kenya’s Capital Markets Authority (CMA) has approved several licensed intermediaries to facilitate Kenyan investors’ participation in the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals (DPRP) in Nigeria.

The CMA said the move follows its earlier communication on approval by Nigeria’s Securities and Exchange Commission for Kenya’s Global Depository Receipt (GDR) investors to participate in the DPRP IPO.

The approved entities are:

  • CPF Capital & Advisory Limited, investment adviser
  • SBG Securities Limited, investment adviser, with Stanbic Bank Kenya Limited as custodian
  • Francis Drummond & Company Limited, stockbroker
  • National Bank of Kenya, custodian
  • Sterling Capital Limited, investment bank
  • Kestrel Capital (East Africa) Limited, stockbroker
  • AXYS Investment Bank Limited, investment bank

According to the CMA, the approved distribution channels are expected to broaden access to the DPRP IPO for Kenyan investors ahead of the October 13, 2026 offer closing date.

The regulator added that it remains open to approving other licensed intermediaries that can establish arrangements with transaction parties involved in the Nigerian IPO, potentially further expanding access for Kenyan investors.

The CMA said the initiative is part of its efforts to promote a fair, orderly and efficient capital market while expanding investment opportunities for Kenyan investors.