Capital Markets Authority warns Kenyan investors over Dangote IPO after Ruto backs Lamu refinery

President and CEO of Dangote Industries, Alhaji Aliko Dangote on the sidelines of UNGA in New York, USA, to discuss the financing and final preparations for commencement of the project on September 21, 2026. [PCS]

Kenya's capital markets regulator has warned investors over the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO), hours after President William Ruto held talks with Aliko Dangote on plans to build a refinery in Lamu.

The Capital Markets Authority (CMA) says the Nigerian refinery's public offer has not been submitted for consideration or approval under Kenya's legal and regulatory framework.

The warning came on Monday as Ruto announced that Kenya was ready to break ground on the proposed East Africa refinery in Lamu after meeting Dangote and Africa Finance Corporation (AFC) Chief Executive Officer Samaila Zubairu in New York.

The meeting focused on financing and final preparations for the Lamu project, according to Ruto.

"We are ready to break ground on the East Africa refinery in Lamu, a transformative project that will enhance the region's energy security, deepen local value addition, create jobs and advance our industrialisation agenda," Ruto says in a statement posted on his social media accounts.

The President says the refinery will create new economic opportunities, strengthen regional supply chains and position East Africa as an energy and industrial hub.

The CMA warning concerns a separate development — the IPO of Dangote Petroleum Refinery and Petrochemicals FZE in Nigeria.

"This public offer is regulated in Nigeria and has not been submitted for consideration and approval by CMA under the applicable Kenyan legal and regulatory framework," the regulator says.

The authority advises investors to verify the authenticity and source of any prospectus or other offering document before making investment decisions, making payments or providing personal or financial information.

"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," CMA says.

The regulator also urges investors to conduct investment-related transactions only through licensed capital markets intermediaries.

Investors can verify the licensing status of intermediaries through the CMA's official register.

The Nigerian Securities and Exchange Commission (SEC) approved the Dangote refinery IPO to open on September 14 and has also warned prospective investors to use only approved receiving agents and subscription channels.

The Nigerian regulator says investors should verify websites and platforms before providing personal or financial information and avoid sending money to entities claiming to receive subscriptions outside approved channels.

The proposed Lamu refinery, meanwhile, is expected to process 700,000 barrels of crude oil per day, according to reports on Ruto's announcement. The project is estimated at Sh2.2 trillion and is expected to create more than 60,000 jobs.

Ruto says the government is focused on moving the Lamu project from planning to implementation and delivering economic benefits to the region.

"We are focused on turning this landmark project into reality and delivering tangible benefits for the people of the region," he says.

The CMA says it remains committed to promoting orderly, fair and efficient capital markets and protecting investors under its mandate.