Business News | Addis Ababa | 22 October 2026
Qualified Ethiopian investors can buy into the initial public offering (IPO) of Nigeria’s Dangote Petroleum Refinery and Petrochemicals through Ethiopian depositary receipts priced at ETB 74.90 per share, under an arrangement presented at an investor roadshow hosted by the Ethiopian Securities Exchange (ESX) in Addis Ababa on 15 October. At the same event, Aliko Dangote said his group plans to list at least 10 percent of its Ethiopian fertilizer business on the ESX.
The refinery offer
According to the ESX, the offer comprises up to 4.1 billion ordinary shares at ₦525 each, targeting about ₦2.15 trillion (around US$1.6 billion). The company describes it as the largest IPO in African history. The offer opened on 14 September 2026 and, after an extension approved by Nigeria’s Securities and Exchange Commission, closes on 27 October 2026, according to a notice from the refinery. The shares are to be listed on the Nigerian Exchange.
The ESX said the roadshow was organized with the Ethiopian Capital Market Authority (ECMA), Ethiopian Investment Holdings (EIH) and Dangote Group. ESX Chief Executive Yodit Kassa welcomed participants, ECMA Director General Dagmawit Shiferaw briefed attendees on the regulatory framework, and Murat Erden, Group Chief Financial Officer of Dangote Industries Limited, presented the offer.
Who can take part in Ethiopia
The Ethiopian route is closed to retail investors. In a public notice on 13 October, ECMA said the offer is not an offer to the general public in Ethiopia and may be marketed and sold only to qualified investors, StockMarket.et reported. Intermediaries must cap participation at 100 qualified investors unless the Authority approves more, verify each investor’s status, and avoid public advertising. ECMA also said its authorization is not an endorsement of the securities or their investment merits.
Qualified individuals need a net worth of at least ETB 10 million, not counting a primary residence and one vehicle. Institutional investors, including banks and insurers, can also apply. Dagmawit told Ethiopian Business Review that the money must have been held in a bank account for the past six months, and that the 100 investor cap may soon be updated.
Three distributors are handling applications in Ethiopia: CBE Capital Investment Bank, United Capital and Wegagen Capital. StockMarket.et reported an Ethiopian application deadline of 23 October 2026, earlier than the 27 October close of the main offer, so interested investors should confirm the date with a distributor.
Peter Ashade, chief executive of United Capital, told the roadshow that applications are pooled and submitted as one block through a nominee in Nigeria, and that investors pay only after allotment is announced, within two working days, Ethiopian Business Review reported. Each receipt represents one Dangote share held by the nominee. The distributors will then seek ECMA and ESX approval to list the receipts in Ethiopia, so local trading remains subject to regulatory approval.
A planned ESX listing for the Gode fertilizer plant
“We need to sell minimum at least 10 percent of it at this Ethiopian Stock Exchange,” Dangote said of his Ethiopian fertilizer venture, according to Ecofin Agency. No listing date, share price or investor eligibility rules have been announced, and Ecofin reported that the listing could come once production at the plant has stabilized.
The urea complex is under construction at Gode in the Somali Region. Dangote Group owns 60 percent and Ethiopian Investment Holdings owns 40 percent. It is designed to produce 3 million tonnes of urea a year, and its estimated cost has risen from US$2.5 billion to more than US$4 billion as the project grew to include a gas pipeline, a power plant, a packaging unit and a blending facility. Operations are targeted for 2029, Ecofin reported.
“Our investment in Ethiopia has no limit,” Dangote told the roadshow, according to the Ethiopian News Agency. The group already runs a cement plant at Mugher in Oromia.
Why it matters
ESX Chief Executive Yodit Kassa described the offer as a first for the Ethiopian market, Ethiopian Business Review reported, and StockMarket.et said it is the first time ECMA has exempted a foreign company from registration so that it can offer shares to investors in Ethiopia. The ESX now has seven listed companies after Sidama Bank joined its main market on 28 September, and a Gode listing would add a large industrial company to the exchange.
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This article is for information only and is not investment advice.
Sources
- Ethiopian Securities Exchange, roadshow press release, 15 October 2026: esx.et
- Dangote Petroleum Refinery, Notice of Extension of the IPO Application Period, 12 October 2026: refinery.dangote.com
- StockMarket.et, “Ethiopia opens door to Dangote IPO for qualified investors”, 13 October 2026: stockmarket.et, and its Monday Breakfast Stories newsletter: stockmarket.et
- Ethiopian Business Review, “Investors With Br10 Million Can Buy Into Dangote Refinery IPO Through Ethiopian Depository Receipts”, 15 October 2026: ethiopianbusinessreview.net
- Ecofin Agency, “Dangote Plans to List at Least 10% of Ethiopian Fertilizer Business”, 19 October 2026: ecofinagency.com
- Ethiopian News Agency, 16 October 2026: ena.et
- Ethiopian Securities Exchange, Sidama Bank listing, 28 September 2026: esx.et
Last updated: 22 October 2026.
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Featured image: Construction crane at sunset over Addis Ababa. Photo: Jean Rebiffé, CC BY 2.0, via Wikimedia Commons.