NSE Eyes Role in Dangote’s $22B IPO Plan and Fuel Price Games

Hello, I am Janeffer. Welcome to today’s edition of The Business Roundup.  In this edition, we focus on these three top stories:

• NSE Eyes Role in Dangote’s $22B IPO Plan
• Fuel Scandals and the Game of Fuel Prices
• Kenya Targets First Crude Oil Export by End of 2026

Major This Week

NSE Eyes Role in Dangote’s $22B IPO Plan

Something is brewing at the Nairobi Securities Exchange (NSE) after its Chief Executive Officer, Frank Mwiti, met Nigerian billionaire Aliko Dangote.

In a LinkedIn post shared on April 12, Mwiti said that they discussed how the NSE and other African exchanges can support what could become Africa’s biggest IPO yet—a $22 billion offering to expand Dangote’s refinery business

“Last week, I met Aliko Dangote at his refinery and fertilizer plant in Lagos. We discussed how Nairobi Securities Exchange PLC and other African exchanges can support what could be Africa’s biggest IPO yet: a $22B offering to expand Dangote’s refinery business,” he wrote.

What we know so far about the IPO

• Dangote has appointed Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap as advisers for its planned IPO.
• The IPO will offer 5%–10% of Dangote Petroleum Refinery’s equity.
• The refinery is valued at between US$40 billion and US$50 billion.
• The listing could raise up to US$5 billion, making it Africa’s largest IPO.
• The primary listing is expected on the Nigerian Exchange between June and July 2026.
• Secondary listings are planned on other African stock exchanges.
• The NSE joined other African exchanges in a closed-door meeting in Lagos on April 1 to discuss the IPO framework and cross-border trading.

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The Game Behind EPRA’s Fuel Price Changes

In other news, the Energy and Petroleum Regulatory Authority (EPRA) announced fuel prices, only to revise them a day later following a recalculation.

Under the revised prices, Super Petrol and Diesel in Nairobi dropped by KSh 9.37 and KSh 10.21 per litre respectively, while kerosene remained unchanged.

As a result, Super Petrol now retails at KSh 197.60 and Diesel at KSh 196.63 per litre.

Earlier on April 14, EPRA had announced higher increases, with Super Petrol set to rise by KSh 28.69 per litre and Diesel by KSh 40.30 per litre, while kerosene was unchanged.

The earlier pricing had placed Super Petrol at KSh 206.97, Diesel at KSh 206.84, and kerosene at KSh 152.78 per litre.

Kenya Targets First Crude Oil Export by End of 2026

Kenya is targeting its first commercial crude oil exports from the South Lokichar Basin in Turkana County by December 2026.

Energy and Petroleum Cabinet Secretary Opiyo Wandayi told a parliamentary inquiry on April 13 that the government is working with private partners to meet the target, with support from ongoing technical preparations and corporate backing.

He added that officials will travel to Turkana for a groundbreaking ceremony to mark the start of commercial operations.

Also Read: Final Fuel Prices in 6 Major Towns as EPRA Recalculates Rates

ALSO, BIG THIS WEEK:

• The High Court of Kenya on April 9, 2026, dismissed Bia Tosha Distributors’ bid to block Diageo’s $2.3 billion (Ksh 299 billion) sale of its East African Breweries Limited (EABL) stake to Asahi Group.
• The Central Bank of Kenya (CBK) announced the licensing of an additional 32 Digital Credit Providers (DCPs).
• Family Bank appointed Kamal Anantroy Bhatt alongside Dhir Kamal Bhatt and Jai Kamal Bhatt of Anant Bhatt LLP as joint receivers and administrators to take over the management of the affected companies.

Also Read: CBK Licenses 32 More Digital Loan Apps as Total Hits 227

NSE Today

The Nairobi Securities Exchange (NSE) closed the session with mixed trading activity on April 16.

Quote of the week

Before we wrap up this week’s Business Roundup, always remember:

“Don’t be distracted by criticism. Remember, the only taste of success some people get is to take a bite out of you.” — Zig Ziglar