Stanbic Bank to act as Custodian and Banking Partner for Kenyan Investors in Dangote Refinery GDR Programme
Stanbic Bank Kenya Limited is part of the Transaction Advisory consortium behind a proposed programme that would give Kenyan investors access to the Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) initial public offering through the Nairobi Securities Exchange (NSE).
The programme was presented at a pre-market engagement with Kenyan institutional investors and capital-market participants on 29 September 2026. It is structured as an inward, unsponsored Global Depositary Receipt (GDR) listing on the NSE. Kenyan investors would buy and sell the receipts on the NSE in Kenyan shillings, while the underlying Dangote shares stay in Nigeria. The Nigerian Exchange (NGX) remains the main market for the shares.
Stanbic's role
Subject to regulatory approval and final terms, Stanbic Bank Kenya will:
Act as the Receiving Bank for the programme, collecting and safeguarding investor subscription funds, reconciling applications, and managing foreign exchange conversion in line with the offer timetable.
Stanbic Bank will serve as Custodian Bank for the programme, holding the underlying Nigerian shares in custody, maintaining the link between the Nairobi-listed depositary receipts and the Lagos-listed shares, and processing corporate actions, including dividend distribution in Kenyan shillings.
Custody is at the heart of the GDR structure. Every depositary receipt traded in Kenya is backed by underlying shares held securely in custody in Nigeria. Through its custody role, Stanbic Bank helps ensure the integrity of the programme, providing investors with confidence, transparency and seamless access to one of Africa's most significant investment opportunities
Comment from Jonathan Muga, Head - Corporate and Investment Banking, Stanbic Bank Kenya
"This mandate underscores the growing demand from Kenyan investors for seamless access to investment opportunities across Africa through trusted local market infrastructure. It also reinforces our conviction that African capital should drive Africa's growth. By enabling access to a landmark Nigerian listing through the Nairobi Securities Exchange and in Kenyan shillings, this proposed programme showcases the value of an integrated pan-African custody and capital markets network. We are proud to be part of this pioneering initiative and look forward to working with regulators and partners to bring it to market."
Key facts
Proposed target: up to US$300 million in participation from Kenyan investors. If approved, it would be the first unsponsored inward GDR programme of its kind in Africa.
Dangote IPO: 4.1 billion ordinary shares on the NGX at NGN525 per share. The offer opened on 14 September 2026 and closes on 13 October 2026.
Distribution: licensed Kenyan stockbrokers will act as authorised selling agents, and the GDR Issuer will set final allocations under a published methodology.
Status: the proposed GDR programme remains subject to regulatory approvals, documentation, investor demand and final terms.