The Capital Markets Authority of Rwanda said it was working with relevant stakeholders to facilitate participation by Rwandan investors in the Dangote Petroleum Refinery IPO.

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The Dangote Petroleum Refinery IPO is being offered through the primary market in Nigeria. Nigerian billionaire Aliko Dangote's refinery under construction in Kenya is planned to have a daily crude oil processing capacity of 650,000 barrels and produce refined fuels as well as petrochemical products such as polypropylene.

Once complete, it will be Africa's second biggest project of its kind, after Dangote's other refinery in Nigeria.

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Shares are priced at about Rwf589 ($0.40) each, with a minimum subscription of 10 shares.

"We are encouraged to see the strong interest in the opportunities afforded by capital markets. While these arrangements are being finalised, interested investors may register their interest with United Capital Financial Services Rwanda Ltd through the following link: https://unitedcapitalplcgroup.com/dangote-ipo/africa/,” reads CMA statement released on September 16.

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CMA clarified that "Registration of interest does not constitute a subscription for, or allocation of, shares.”

Further information on the arrangements for participation in the IPO will be communicated in due course, the authority said.

Dangote Refinery is going public to give members of the public an opportunity to own a stake in the company.

Up to 4.1 billion new ordinary shares are being offered for subscription, according to United Capital Group.

The offer will close on October 13, 2026.

Who can invest in the offer?

According to the factsheet published by United Capital, the offer is open to eligible investors, subject to the terms of the Public Offer, applicable laws and selling restrictions.

Eligible participants include retail investors who are resident or non-resident Nigerians and are not classified as qualified investors; qualified institutional investors and high-net-worth investors.

There is also eligible African investors who live or are established in African countries outside Nigeria, subject to local laws and selling restrictions; and other eligible institutional investors outside Nigeria, provided they comply with the laws of their respective countries and the restrictions set out in the Prospectus.

Non-resident Nigerians and other eligible investors outside Nigeria may participate, subject to the applicable laws, selling restrictions and requirements set out in the Prospectus.