Stanbic Bank Kenya Limited will act as Receiving Bank and Custodian Bank for a proposed programme that would let Kenyan investors buy into the Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) initial public offering through the Nairobi Securities Exchange (NSE).
The role is subject to regulatory approval and final terms.
Stanbic is part of the Transaction Advisory consortium behind the plan. The consortium presented it to Kenyan institutional investors and capital market participants on 29 September 2026. The structure is an inward, unsponsored Global Depositary Receipt (GDR) listing on the NSE. Kenyan investors would trade the receipts in Kenyan shillings.
The underlying Dangote shares would stay in Nigeria, and the Nigerian Exchange (NGX) would remain their main market. In an unsponsored GDR, regulated financial institutions set up the programme rather than the company itself.
What Stanbic Bank Kenya Will Do
As Receiving Bank, Stanbic will collect and safeguard investor subscription funds and reconcile applications. It will also manage foreign exchange conversion in line with the offer timetable.
As Custodian Bank, Stanbic will hold the underlying Nigerian shares and maintain the link between the Nairobi-listed receipts and the Lagos-listed shares. It will also process corporate actions, including dividend payments in Kenyan shillings.
Custody anchors the GDR structure. Every receipt traded in Kenya is backed by shares held in custody in Nigeria.
Jonathan Muga, Head of Corporate and Investment Banking at Stanbic Bank Kenya, said the mandate reflects investor demand. “This mandate underscores the growing demand from Kenyan investors for seamless access to investment opportunities across Africa through trusted local market infrastructure,” he said. He added that “African capital should drive Africa’s growth.” Muga said Stanbic would work with regulators and partners to bring the programme to market.
Programme Terms and Status
Stanbic’s role follows a set of terms the consortium has outlined:
- Target: Up to US$300 million in participation from Kenyan investors. If approved, it would be the first unsponsored inward GDR programme of its kind in Africa.
- Dangote IPO: 4.1 billion ordinary shares on the NGX at NGN525 per share. The offer opened on 14 September 2026 and closes on 13 October 2026.
- Distribution: Licensed Kenyan stockbrokers will act as authorised selling agents. The GDR Issuer will set final allocations under a published methodology.
- Status: The programme remains subject to regulatory approvals, documentation, investor demand and final terms.
Other Parties and Timeline
Press reports name Renaissance Capital as lead transaction adviser, sponsoring broker and GDR issuer. One report says the proposed Kenyan offer would run from 5 October to 13 October, with the GDRs targeted for NSE listing from 8 December, subject to approval. Brokers would sell the receipts and trades would settle in shillings through the Central Depository and Settlement Corporation.
The GDRs cover only the Lagos refinery. Aliko Dangote separately committed to listing the group’s planned East African refinery on the NSE, and that project is not part of the current IPO.
Stanbic Bank Kenya has a long record in the market. Khusoko reported in 2022 that the bank appointed Joshua Oigara as Chief Executive Officer for Kenya and South Sudan, effective 1 December 2022.
Regulators and the consortium must now finalise approvals and terms before the offer can open to Kenyan investors.
