United Capital Financial Services Ethiopia (UCFS Ethiopia) has been selected as Joint Issuing House, Official Stockbroker and Lead Distributor for the initial public offering of Nigeria's Dangote Petroleum Refinery. The appointment opens cross-border investment opportunities for qualified Ethiopian investors in one of Africa's largest industrial projects.
The IPO involves 4.1 billion shares valued at approximately $1.5 billion, the Ethiopian Securities Exchange and UCFS Ethiopia said. The offering aims to attract more than 10 million shareholders. An investor roadshow was held in Addis Ababa on October 15, 2026, bringing together refinery owner Aliko Dangote and representatives of Ethiopian and Nigerian capital market institutions with prospective investors. UCFS Ethiopia will coordinate local participation alongside other issuing houses including CBE Capital, Wegagen Capital and Awash Capital, operating under oversight of the Ethiopian Capital Market Authority and Ethiopian Securities Exchange.
The Dangote Petroleum Refinery has a capacity of 650,000 barrels per day and is described as the world's largest single-train refinery. UCFS Ethiopia has also proposed launching an Ethiopian Depository Receipt following share allocation, enabling eligible local investors to hold refinery shares through a locally issued instrument within Ethiopia's regulatory framework.
Ejikeme Okoli, Director of Africa Operations at United Capital Plc, said the offering would allow qualified Ethiopian investors to participate in a significant African industrial enterprise through a locally issued instrument. Peter Ashade, Group Chief Executive Officer of United Capital Plc, said the initiative demonstrated the potential for cross-border investment to support African enterprises. Participation is restricted to qualified institutional investors meeting eligibility requirements under Ethiopian capital market laws.