Dangote Petroleum Refinery and Petrochemicals FZE has completed a $2.5 billion private equity placement, the largest publicly disclosed transaction of its kind in Africa.
The deal attracted strong interest from investors, with subscriptions reaching 3.7 times the amount initially offered, reflecting growing confidence in the refinery project.
The transaction was completed on Thursday in Lagos to support the expansion of the refinery and petrochemical complex and provide additional financial flexibility for its operations.
The equity placement drew participation from international and African institutional investors, sovereign-related investment vehicles and development finance institutions, including the Africa Finance Corporation (AFC) and India Infra Build.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the successful transaction as a major milestone for Africa’s industrial development.
“This transaction underscores the confidence global investors have in our vision and operational excellence. It strengthens our capacity to deliver energy security and industrial transformation across the continent,” he said.
Chief Financial Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David B. Tredinnick, said the oversubscription reflected investors’ confidence in the company’s vision and governance.
“The oversubscription reflects the strategic importance of our enterprise and the trust in our governance. This funding provides us with flexibility to accelerate expansion and enhance efficiency,” he said.
The company said the funds would be used to strengthen the refinery’s operations, support future expansion and reinforce its position as a key player in Africa’s energy and petrochemical industry.