NAIROBI, Kenya — The Capital Markets Authority (CMA) has warned Kenyans against unauthorised offers and unverified information circulating in connection with the proposed Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO).
In a public notice, the regulator said the Dangote Refinery IPO is being regulated in Nigeria and has not been submitted to the CMA for consideration or approval under Kenya’s capital markets laws and regulations.
The warning comes amid growing interest in the offer and the circulation of IPO-related information among Kenyan investors.
CMA Warns Investors Over IPO Information
The CMA urged members of the public to independently verify the authenticity and source of any prospectus, investment offer or other document before committing their money.
The regulator also cautioned investors against making payments or providing personal or financial information in response to unverified communications about the IPO.
“Members of the public are advised to only rely on official communication from the relevant regulators, issuers, and authorised channels in respect to any public offer,” the CMA said.
Dangote IPO Not Submitted to Kenya
The CMA clarified that it has not received the Dangote Refinery IPO for consideration and approval under Kenya’s applicable legal and regulatory framework.
This means information circulating in Kenya should not be interpreted as an approval or authorisation by the Kenyan regulator.
The IPO is subject to the regulatory framework applicable in Nigeria, where the offer is being regulated.
Investors Told to Use Licensed Intermediaries
The Authority advised investors to conduct transactions relating to public offers only through licensed capital markets intermediaries.
Investors can also verify whether an intermediary is licensed through the CMA’s official licensee portal before engaging its services.
The regulator warned the public to be particularly cautious of unsolicited investment messages, unofficial prospectuses and requests for payment or sensitive information.
CMA Reiterates Investor Protection Role
The warning is part of the CMA’s mandate to promote orderly, fair and efficient capital markets while protecting investors.
The Authority urged Kenyans considering the Dangote IPO or any other investment opportunity to confirm information directly through official regulator and issuer channels.
Investors have also been advised not to disclose sensitive financial or personal information or transfer funds until the authenticity and regulatory status of an offer have been independently confirmed.
