Dangote Petroleum Refinery and Petrochemicals has raised approximately $2.5 billion through a private equity placement, marking what is believed to be Africa’s largest publicly disclosed primary equity private placement.
The fundraising represents the refinery’s first equity round involving external investors beyond its legacy shareholders. The company said the strong investor participation reflects growing confidence in its long-term strategy and operational performance.
Funds from the transaction will be used to accelerate the refinery’s multi-year expansion programme, strengthen its capital structure and improve financial flexibility for future growth opportunities.
The expansion aims to increase the refinery’s processing capacity from 650,000 barrels per day to 1.4 million barrels per day over the next three years, positioning it as the world’s largest single-train refinery.
The project also includes constructing a second crude processing unit and expanding petrochemical operations with additional investments in polypropylene, base oils and liquefied petroleum gas facilities.
Dangote Industries Chairman, Aliko Dangote, described the capital raise as a strategic milestone that broadens the company’s shareholder base while supporting its ambition to strengthen Africa’s refining capacity, reduce dependence on imported petroleum products and improve the continent’s energy security.
Managing Director of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the overwhelming investor response demonstrates confidence in the refinery’s leadership, execution capability and future growth prospects.
The offering attracted a broad range of international and African institutional investors, sovereign-linked investment vehicles, development finance institutions and strategic partners, including the Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by Afreximbank.
