The planned Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals has received a major boost with the completion of a $1 billion underwriting programme, strengthening preparations for what could become one of Africa’s most significant industrial listings.
The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed and funded $600 million private placement and an additional $400 million underwriting commitment supporting the planned IPO.
The $600 million private placement was underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. Marob Strategies and Lilium Capital will now coordinate distribution of the underwriting participation among sovereign wealth funds, governments, institutional investors and other eligible investors across Global Africa.
The advisers said the programme had attracted strong institutional interest, reflecting growing appetite for large-scale African assets capable of delivering long-term economic value. They said it could also stimulate intra-African capital flows and contribute to the development of a more integrated African capital market under the African Continental Free Trade Area.
Dangote Industries Limited President and CEO Aliko Dangote described the transaction as an important milestone for both the refinery and African capital markets. He said the successful private placement and underwriting commitment demonstrated confidence in the refinery’s strategic role while creating opportunities for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors.
Marob Strategies Chairman Benedict Okey Oramah said the transaction demonstrated growing appetite for African-led capital markets deals that provide access to transformative assets. Lilium Capital Group Chairman Simon Tiemtoré similarly said the mandate aligned with the firm’s goal of connecting major African opportunities with institutional investors and mobilising long-term capital for industrialisation and sustainable economic growth.
The $1 billion programme is therefore positioned not only as financing for the Dangote Refinery’s planned IPO, but also as a broader effort to deepen African capital markets, expand ownership of strategic assets and mobilise long-term institutional capital for energy security, industrialisation, import substitution and stronger economic integration across the continent.
