United Capital Financial Services Ethiopia (UCFS Ethiopia) will serve as Joint Issuing House, Official Stockbroker and Lead Distributor for the initial public offering of Nigeria's Dangote Petroleum Refinery, opening a cross-border investment route for qualified Ethiopian investors. The company, a subsidiary of United Capital Plc, will work with other distributors including CBE Capital, Wegagen Capital and Awash Capital under oversight from the Ethiopian Capital Market Authority and the Ethiopian Securities Exchange.
The offering involves 4.1 billion shares valued at approximately $1.5 billion, making it one of Africa's largest equity offerings, according to a press release from UCFS Ethiopia. The initiative aims to attract more than 10 million shareholders. The refinery has a stated capacity of 650,000 barrels per day and is described as the world's largest single-train refinery. An investor roadshow was held in Addis Ababa on October 15, 2026, bringing together Aliko Dangote, representatives of Ethiopian and Nigerian capital market authorities, and prospective investors.
UCFS Ethiopia has proposed launching an Ethiopian Depository Receipt (EDR) following share allocation. This instrument would allow eligible Ethiopian investors to hold an interest in the refinery through a locally issued security operating within Ethiopia's regulatory framework. Ejikeme Okoli, Director of Africa Operations at United Capital Plc, said the offering would enable qualified Ethiopian investors to participate in a significant African industrial enterprise through a locally issued instrument. He added that the initiative could strengthen integration among African capital markets by connecting investment capital with businesses across borders.
Peter Ashade, Group Chief Executive Officer of United Capital Plc, said bringing the offering to Ethiopia demonstrated the potential for cross-border investment to support African enterprises and reflected the group's commitment to expanding in the Ethiopian market. Participation in the offering is restricted to qualified institutional investors meeting Ethiopian capital market eligibility requirements. UCFS Ethiopia said it would operate within its approved role as Lead Distributor and would not provide securities brokerage or trading services in Ethiopia.