After Kenya, Uganda opens Dangote refinery IPO to domestic investors

Uganda has approved the participation of its domestic investors in the Dangote Petroleum Refinery's initial public offering (IPO), Reuters reported.

In a statement on Tuesday, the country's Capital Markets Authority said the offer should be marketed towards "high-net-worth individuals and professional investors" only.

Africa's biggest oil refinery opened its ownership to the public in mid-September.

Its owner, Nigerian billionaire Aliko Dangote, seeks to raise $1.6 billion, in what could become the continent's largest IPO.

People can participate in the so-called "people's IPO" by buying at least 10 shares for a minimum investment amount of about $4. The offer is scheduled to close on October 13.

The move is part of Dangote's plans to grow the refinery's capacity to 1.4 million barrels per day.

Uganda's decision shows the refinery's share sale is expanding beyond the Nigerian market. Earlier this week, Kenya also allowed its citizens to participate in the IPO.