Dangote Refinery Raises $2.5 bn in Landmark Private Equity Placement

Dangote Petroleum Refinery and Petrochemicals (DPRP) completed a private equity placement that raised roughly US$2.5 billion, the largest publicly disclosed primary equity placement in Africa. The offering attracted a broad set of international and African investors, including the Africa Finance Corporation, India Infra Buildco and the African Export‑Import Bank’s vehicle, reflecting strong confidence in the refinery’s growth outlook.

The proceeds will be used to fund the continued expansion of the 650,000‑barrel‑per‑day Lekki refinery and its petrochemical complex, strengthen the company’s capital structure and provide financial flexibility for future projects. The capital raise is positioned as a step toward a planned initial public offering later in the year and supports Dangote’s goal of doubling the refinery’s capacity to about 1.4 million barrels per day by 2028, further reducing Africa’s reliance on imported refined products.