How Kenyans Can Invest in the Dangote Refinery IPO 

Kenyan investors looking to gain exposure to one of Africa's largest industrial projects can now apply for shares in the Dangote Petroleum Refinery & Petrochemicals Initial Public Offering (IPO).

The offer opened on September 14, 2026, and will close on October 13, 2026. Shares are being offered at approximately Ksh51.37 (NGN 525 per share), with a minimum investment of 10 shares.

The company is seeking investors to purchase 4.1 billion ordinary shares. The first IPO seeks to raise Ksh207 billion.

Kenyans interested in investing in the IPO do not need to go through a Nigerian stockbroker; one can do it through My Stocks Africa.

An investor buying the minimum 10 shares would need to invest about Ksh5,137 (NGN 5,250) before applicable fees and currency conversion charges.

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Here is the step-by-step process on how to invest in the IPO through the MyStocks platform

Step 1: Open the Dangote IPO Offer on MyStocks

The first step is to access the Dangote Refinery IPO through the MyStocks platform: mystocks.africa 

Investors are then required to review the offer documents, eligibility requirements, timelines, and investment terms before proceeding.

Step 2: Create or Sign in to Your Account

If you do not already have an account, you will be required to register and complete the identity verification process.

During registration, you will be required to provide details such as name, date of birth, and address of residence, a copy of the identification document (ID, passport or Driving Licence) and a selfie photo.

The platform may request additional verification documents before allowing an investor to proceed with an application.

Step 3: Deposit Money to Your Investment Account

Once verification is complete, investors can follow the deposit instructions available within their accounts.

Before transferring funds, investors should confirm the sending currency (Ksh) and the receiving currency(Nigerian Naira), applicable exchange rates, conversion charges, bank transfer fees and platform fees

You can fund your account through M-Pesa, Airtel Money, or an NCBA bank transfer. Once the funds are received, they are automatically converted into US dollars and credited to your investment wallet, making them available for investing in the IPO.

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Step 4: Submit Your Application

After funding the account, investors can select the number of shares they wish to purchase.

Before confirming the application, it is important to review the share quantity, share price, total investment cost, applicable fees and currency conversion charges

Investors should save their application reference number and any transfer confirmations for future reference.

Submitting an application does not automatically mean shares have been allocated.

If the IPO receives applications exceeding the available shares, investors may receive fewer shares than requested. The final allocation will depend on the IPO's allocation process.

Investors should therefore wait for the official allocation notice to determine how many shares have been credited to them.

According to the IPO guidance, Kenyan investors using the MyStocks route do not need to open a Nigerian bank account.

Investors are only required to use the funding methods provided within their verified accounts.

Kenyan investors do not also need a Nigerian Bank Verification Number (BVN) to participate through MyStocks. Similarly, investors do not need to open a separate Central Securities Clearing System (CSCS) account because the platform operates through an omnibus account structure.

Under this arrangement, investments are held collectively through an intermediary, while each investor's ownership is recorded separately.

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Dividend payments 

Potentially, yes. If the company declares dividends in the future and investors meet the applicable entitlement requirements, distributions would be handled according to the custody and account terms.

However, dividends are not guaranteed and depend on future company decisions.

"The Issuer intends to adopt a dividend policy that takes into account its cash flow generation, capital requirements and other relevant factors. Given that the Issuer’s reporting currency is the US Dollars, it intends to declare dividends in US Dollars, subject to applicable laws, efficiency of remittance, regulatory requirements, financing arrangements and Board of Directors approval/recommendation," read the IPO documents in part.

Risks to consider

Before investing, Kenyan investors should remember that buying shares in the Dangote Refinery IPO carries investment risks.

The value of shares can rise or fall after listing, meaning investors could make a profit or incur a loss. In addition, currency fluctuations between the Nigerian naira and the Kenyan shilling can affect overall returns.

Investors should also understand that a reservation or application is not the same as a confirmed share allocation.

For this reason, applicants should keep all payment records, application references, and allocation notices until the investment process is complete.