Dangote Industries secures $750m bond and announces 700,000‑bpd Kenya refinery

Dangote Industries raised $750 million through a senior unsecured Rule 144A private placement, a five‑year dollar bond with a 7.5% fixed coupon. The issue, arranged by JPMorgan, Bank of America and Standard Chartered, targets Qualified Institutional Buyers and signals investor confidence in the operating performance of Africa’s largest refinery in Nigeria, which is nearing its 650,000‑bpd capacity.

At the same time, the group unveiled plans for a new 700,000‑bpd refinery in Kenya, intended to serve Kenya, Tanzania, Uganda, South Sudan and other East African markets. The project is part of an expansion that will lift Dangote’s total refining capacity to roughly 2.1 million barrels per day. Kenya has pledged seed capital of Ksh 21.5 billion, and potential sites include the ports of Mombasa and Lamu. The refinery aims to reduce the region’s reliance on imported refined fuel and improve resilience to global supply shocks.