Dangote Petroleum Refinery and Petrochemicals FZE has secured approximately $2.5 billion in fresh capital through a private equity placement, in what it described as Africa’s largest publicly disclosed primary equity private placement.
The company announced the successful fundraising in a statement on Thursday, describing the transaction as a major milestone that reflects strong investor confidence in its long-term growth strategy and operational performance.
The equity placement marks the refinery’s first fundraising exercise involving external investors beyond its existing shareholder base, signalling its emergence as a globally attractive energy and industrial enterprise.
According to the company, the proceeds will be used to finance the continued expansion of the refinery and petrochemical complex, strengthen its capital structure and improve financial flexibility to support future growth initiatives.
The offering drew strong participation from a broad range of investors, including international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners and high-net-worth individuals.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), underscoring growing international confidence in the refinery’s long-term prospects.
President and Chief Executive of Dangote Industries Limited and Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the transaction as a significant step in the company’s evolution.
He said the fundraising would broaden and institutionalise the refinery’s shareholder base while providing additional capital to complement internal cash flows and existing financing as the company pursues its expansion agenda.
Dangote added that the investment reinforces the company’s commitment to expanding Africa’s refining and petrochemical capacity, reducing reliance on imported petroleum products and enhancing the continent’s energy security.
Also speaking, the Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the strong investor appetite reflected confidence in the refinery’s operational performance, execution capability and long-term growth prospects.
He noted that the overwhelming demand from investors demonstrated confidence in the company’s leadership and its ability to create sustainable value.
The company said the successful capital raise has strengthened its financial position and placed it on a firmer footing to accelerate its long-term expansion strategy while boosting Africa’s refining and petrochemical capacity.
Dangote Petroleum Refinery also acknowledged the contributions of its financial advisers and transaction partners, stating that their expertise played a crucial role in the successful completion of the landmark equity placement.
