Dangote Petroleum Refinery and Petrochemicals FZE has officially announced the successful completion of a landmark private equity placement, raising approximately US$2.5 billion in new equity.
The transaction saw intense demand from global and regional financial markets, achieving a 3.7 times subscription relative to the initial offer size.
The deal stands as Africa‘s largest publicly disclosed primary equity private placement by value.
The deal represents the refinery’s first equity capital raise involving external investors beyond its legacy shareholder base, marking a major milestone for its long-term funding roadmap and the broader development of African capital markets.
The offering drew strong participation from a wide group of international and African institutional investors, sovereign-related investment vehicles, development finance institutions, and long-standing strategic partners.
Key entities participating in the transaction included the Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank, alongside a diverse mix of retail and institutional participants.
Management confirmed that the primary proceeds from the equity issuance will directly fund ongoing expansions across the refinery and petrochemical complex.
The newly injected capital will also optimize the company’s capital structure, enhance balance sheet strength, and grant additional financial flexibility to support upcoming growth programs aimed at reinforcing regional energy security.
Commenting, the President/Chief Executive of Dangote Industries Limited & Chairman of the Refinery said, “This transaction is 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.”
Also commenting, the Managing Director of the Refinery, David Bird said, “The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership.”
Following the successful execution of the transaction, Dangote Petroleum Refinery remains positioned to carry out its long-term operational strategy while driving world-scale refining capacity across Africa.
The firm extended its recognition to its professional advisers for their support in bringing the record-setting private placement to a successful conclusion.