Kenyan investors get a seat at Africa's biggest-ever IPO

Kenya's capital markets regulator has approved a global depository receipt that will let eligible Kenyan investors buy into Nigeria's Dangote Petroleum Refinery IPO — a $1.6 billion share sale being marketed as a 'people's IPO' and set to be Africa's largest. The refinery, built by Africa's richest man Aliko Dangote at a cost of roughly $20 billion, started fuel production in 2024 and reached full capacity this year; the IPO will fund doubling capacity to 1.4 million barrels a day. At least seven other licensed Kenyan firms are working with Nigerian counterparts so ordinary Kenyans can take part.