Ugandan investors have received approval to participate in the initial public offering of Dangote Petroleum Refinery and Petrochemicals.

The country’s Capital Markets Authority approved the offer of securities under the refinery’s IPO, allowing domestic investors to access the share sale.

The approval followed an application submitted on behalf of Dangote Refinery by Stanbic IBTC Capital Limited.

The development makes Uganda the latest East African country to open the Nigerian refinery’s share offering to its investors. Kenya had earlier approved participation by its citizens after its capital markets regulator cleared a short-form prospectus for a global depository receipt linked to the IPO.

Dangote Group launched the refinery’s $1.6 billion IPO in September as part of plans to raise funds for expanding its processing capacity from 700,000 barrels per day to 1.4 million barrels per day.

The offering, described as a “people’s IPO”, is expected to be Africa’s largest and is aimed at widening ownership of the refinery among investors.

The $20 billion refinery, located near Lagos, began operations in 2024 and has since become a major supplier to Nigeria’s fuel market.