United Capital Financial Services Ethiopia (UCFS Ethiopia) has been appointed as Joint Issuing House, Official Stockbroker and Lead Distributor for the Ethiopian placement of the $1.5 billion initial public offering (IPO) of Nigeria’s Dangote Petroleum Refinery, creating a new cross-border investment opportunity for qualified Ethiopian investors.
The appointment positions UCFS Ethiopia, the country’s first licensed foreign investment bank, at the center of efforts to connect Ethiopia’s emerging capital market with one of Africa’s largest industrial enterprises.
According to a company, the offering comprises 4.1 billion shares valued at approximately $1.5 billion and aims to attract more than 10 million shareholders. The transaction is among the most significant equity offerings in Africa’s history.
The Dangote IPO was presented to prospective investors at an investor roadshow in Addis Ababa on October 15, 2026. The event was hosted by the Ethiopian Securities Exchange (ESX) and attended by Alhaji Aliko Dangote, representatives of the Ethiopian Capital Market Authority (ECMA), the Nigerian Exchange Group and other market participants.
UCFS Ethiopia will work alongside other issuing houses and distributors, including CBE Capital, Wegagen Capital and Awash Capital, to facilitate participation by eligible Ethiopian investors. The process will operate under the regulatory oversight of ECMA and ESX.
However, participation in Ethiopia is restricted to qualified institutional investors who meet the requirements of the country’s applicable capital market laws and directives.
A key component of the initiative is UCFS Ethiopia’s proposal to introduce an Ethiopian Depository Receipt (EDR) and facilitate its listing on the Ethiopian Securities Exchange following the allocation of shares under the IPO.
An EDR is a locally issued certificate representing shares in a company listed in another market. If implemented as proposed, the arrangement would allow qualified Ethiopian investors to hold an interest in the Nigerian refinery through an instrument issued in Ethiopia and governed by the country’s regulatory framework.
Ejikeme Okoli, director of Africa Operations at United Capital Plc, said the transaction would give Ethiopian investors an opportunity to participate in a major African industrial enterprise through a locally issued financial instrument.
He said the initiative could contribute to deeper integration of African capital markets by connecting investment resources with businesses across the continent.
Peter Ashade, group chief executive officer of United Capital Plc, also described the IPO as a landmark opportunity for African capital markets, saying its extension to Ethiopia demonstrated the potential of cross-border investment to support African businesses.
United Capital Plc already serves as Joint Issuing House and Official Stockbroker for the Dangote Refinery IPO in Nigeria. Its Ethiopian subsidiary said the transaction reflects the group’s long-term commitment to the Ethiopian market.
The Dangote Petroleum Refinery has a stated refining capacity of 650,000 barrels per day. The company describes the facility as the world’s largest single-train refinery and a major asset in Africa’s efforts to strengthen energy security and industrial development.
