United Capital Financial Services Ethiopia (UCFS Ethiopia) has been appointed as a Joint Issuing House, Official Stockbroker and Lead Distributor for the initial public offering (IPO) of Nigeria’s Dangote Petroleum Refinery, opening a new cross-border investment opportunity for qualified Ethiopian investors.
The company, a subsidiary of United Capital Plc, will coordinate local investor participation and share distribution alongside other issuing houses and distributors, including CBE Capital, Wegagen Capital and Awash Capital. The offering is being conducted under the regulatory oversight of the Ethiopian Capital Market Authority (ECMA) and the Ethiopian Securities Exchange (ESX).
The IPO involves 4.1 billion shares valued at approximately $1.5 billion, making it one of Africa’s major equity offerings. The initiative aims to attract more than 10 million shareholders, according to a press release issued by UCFS Ethiopia.
The investment opportunity was presented at the Dangote IPO Ethiopia Investor Roadshow held in Addis Ababa on October 15, 2026. The event was hosted by the Ethiopian Securities Exchange and brought together Aliko Dangote, representatives of the Ethiopian and Nigerian capital market institutions, and prospective investors.
The refinery, which has a stated capacity of 650,000 barrels per day, is described as the world’s largest single-train refinery. The project is considered a significant industrial investment in Africa’s efforts to strengthen energy security and expand refining capacity.
UCFS Ethiopia has also proposed launching an Ethiopian Depository Receipt (EDR) following the allocation of shares. The instrument would represent shares in a company listed on a foreign market, enabling eligible Ethiopian investors to hold an interest in the refinery through a locally issued instrument operating within Ethiopia’s regulatory framework.
Ejikeme Okoli, Director of Africa Operations at United Capital Plc, said the offering would allow qualified Ethiopian investors to participate in one of Africa’s significant industrial enterprises through an instrument issued locally.
He added that the initiative could contribute to deeper integration among African capital markets by connecting investment capital with businesses across national 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. He also emphasized the group’s commitment to expanding its presence in the Ethiopian market.
Participation in the Ethiopian offering is restricted to qualified institutional investors who meet the eligibility requirements under applicable Ethiopian capital market laws and directives.
UCFS Ethiopia said it would operate within its approved role as Lead Distributor and would not provide securities brokerage or trading services in Ethiopia.
