Dangote Refinery has completed its US$2.5 billion private placement paving the way for its highly anticipated IPO scheduled for September 2026.
This transaction which is believed to be Africa’s largest publicly disclosed primary equity private placement by value is said to have attracted subscriptions from local and foreign high net worth individuals.
Proceeds from the Private Placement will support the ongoing expansion of the refinery and petrochemical complex, strengthen its capital base as well as provide additional financial flexibility for future growth initiatives.
Institutional Investors
In addition to individual investors, the private placement offering attracted strong participation from a diverse group of international and African institutional investors including the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank),
Speaking on the private placement, Aliko Dangote, GCON, President/Chief Executive of Dangote Industries Limited described the transaction as “a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding, as DPRP advances its expansion agenda.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity – reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security.” He added.
