Dangote Refinery completes $2.5bn private equity placement
Dangote Refinery
Abdullateef Fowewe
Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced the successful completion of a major private equity placement, raising approximately US$2.5 billion in new equity.
The offering according to a statement obtained from the firm on Thursday was oversubscribed by 3.7 times relative to the initial offer size.
This transaction is described as Africa’s largest publicly disclosed primary equity private placement by value.
It marks the refinery’s first equity capital raise involving external investors beyond its legacy shareholder base, representing a significant milestone in advancing its long-term funding strategy and the continued development of African capital markets.
Proceeds from the placement will support ongoing expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and provide additional financial flexibility for future growth initiatives.
The offering attracted strong participation from a diverse group of international and African institutional investors, sovereign-related investment vehicles, development finance institutions, and long-standing strategic partners, including the Africa Finance Corporation (AFC) and India Infra Buildco.
Aliko Dangote, GCON, President/Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the transaction as “a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding, as DPRP advances its expansion agenda. This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity – reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security.”
David Bird, Managing Director/Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, added, “The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership.”
