*AFC, India Buildco emerge biggest investors
By Bamidele Famoofo
WorldStage– Dangote Petroleum Refinery and Petrochemicals FZE (DPRP), Africa’s biggest refinery and the world’s largest single-train refinery has successfully raised $2.5billion about N3.42 trillion through private equity placement to further boost operations in the 650,000 barrels per day installed capacity refinery situated in Lagos State.
The refinery which commenced operations in 2024, gulped about $20billion to come into a reality. It was projected that the refinery will save Africa’s most populous nation about $10billion annual forex/imports spend.
The capital raise, which is believed to be Africa’s largest publicly disclosed primary equity private placement, marks a significant milestone in the history of the company and demonstrates strong investor confidence in the refinery’s long-term growth strategy and operational excellence. The capital raise is the first equity funding round involving external investors beyond the company’s legacy shareholder base, underscoring the growing attractiveness of DPRP as a world-class energy and industrial enterprise.
” The proceeds from the placement will be deployed to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and enhance financial flexibility to pursue future growth opportunities,” the refinery disclosed in a statement.
Notable investors in the deal are the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank).
Commenting on the successful transaction, Aliko Dangote, President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the placement as a strategic milestone in the company’s evolution. “This transaction represents 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. It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security,” he said.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, said the overwhelming investor response validates the company’s operational performance and growth outlook. “The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential,” he added.
With the successful completion of the placement, DPRP is well-positioned to accelerate its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity. The strong investor response further reinforces confidence in the company’s vision and its ability to deliver sustainable value over the long term.
The company also acknowledged the contributions of its professional advisers and partners whose expertise and support were instrumental in delivering the successful transaction.
Operators in the Nigerian capital market are awaiting a planned Initial Public Offer (IPO) later in 2026.
Dangote has said up to 10 percent of the refinery could be sold in the listing, which Bloomberg valued at about $5 billion. Target valuation for the refinery is up to $39.1 billion to $50 billion. It will be a cross-border listing to allow Africans to participate
