Uganda’s Capital Markets Authority has given domestic investors the go-ahead to participate in the initial public offering of Dangote Petroleum Refinery and Petrochemicals. The approval follows an application filed on behalf of the refinery by Stanbic IBTC Capital. The IPO, launched by Nigerian billionaire Aliko Dangote in September, is seeking $1.6 billion to finance plans to double the refinery’s capacity to 1.4 million barrels per day. Uganda’s approval follows a similar move by Kenya, whose capital markets regulator recently cleared a short-form prospectus for a global depository receipt linked to the offering. Built over a decade at a reported cost of $20 billion, the Dangote Refinery currently processes 700,000 barrels of crude daily and has reshaped Nigeria’s fuel market since it began operations in 2024.