The Capital Markets Authority (CMA) has warned Kenyan investors against unverified offers linked to the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering.
The regulator says the IPO is regulated in Nigeria and has not been submitted to the CMA for consideration and approval under Kenya’s legal and regulatory framework.
CMA has urged investors to independently verify the authenticity and source of any prospectus or other offering documents before making payments, investing or sharing personal and 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 said.
Investors have further been urged to conduct transactions only through licensed capital markets intermediaries and to verify their licence status before investing.
The CMA says it remains committed to protecting investors and promoting orderly, fair and efficient capital markets.
The report comes as Nigerian billionaire Aliko Dangote is looking at Kenya as the site of a new 650,000-barrel-a-day oil refinery that he intends to build in East Africa.
“I’m leaning more towards Mombasa because Mombasa has a much larger, deeper port,” Dangote said in the interview with the Financial Times.
The report comes after Kenyan President William Ruto said last month that East African countries were discussing plans for a joint oil refinery at the Tanzanian port of Tanga that is modeled on Nigeria's Dangote operation.