Lagos, Nigeria – Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has successfully raised approximately $2.5 billion through a landmark private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement, reinforcing investor confidence in the refinery’s long-term growth strategy.
The capital raise marks the first time the refinery has opened its equity to external investors beyond its legacy shareholder base, representing a major milestone in the evolution of one of Africa’s largest industrial projects.
According to the company, proceeds from the transaction will be used to support the continued expansion of its refining and petrochemical complex, strengthen its balance sheet and improve financial flexibility to pursue future growth opportunities.
The private placement attracted strong participation from a diverse group of international and African investors, including institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners and high-net-worth individuals.
Among the notable investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), highlighting broad confidence in the refinery’s long-term commercial prospects.
The transaction is regarded as one of the largest equity investments in Africa’s downstream oil and gas sector and underscores growing international interest in strategic energy infrastructure on the continent.
Commenting on the successful fundraising, Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited and Chairman of Dangote Petroleum Refinery and Petrochemicals, described the transaction as a significant strategic milestone.
“This transaction represents 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.
“It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security.”
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, said the strong investor appetite reflected confidence in the company’s operational performance and long-term growth outlook.
“The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential.”
He added that the successful transaction positions the refinery to accelerate its long-term expansion strategy while creating sustainable value for shareholders.
The successful capital raise is expected to further enhance the refinery’s role in Africa’s energy landscape by supporting increased refining and petrochemical capacity, reducing reliance on imported refined petroleum products and improving regional energy security.
The company said the strengthened capital base will enable it to continue executing its long-term investment strategy while reinforcing its position as a globally competitive energy and industrial enterprise.
Dangote Petroleum Refinery also acknowledged the contributions of its financial advisers and transaction partners, whose expertise helped deliver the successful equity placement.
The 650,000-barrels-per-day Dangote Refinery, located in Lagos, is Africa’s largest single-train refinery and is central to Nigeria’s efforts to boost domestic refining capacity, expand fuel exports and strengthen energy security across the continent.