Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has completed a landmark private equity placement, raising approximately $2.5 billion in fresh equity to support the expansion of its refinery and petrochemical complex.
The company described the transaction as Africa’s largest publicly disclosed primary equity private placement, marking the first time it has raised equity from external investors beyond its legacy shareholder base.
According to the company, the successful capital raise reflects strong investor confidence in the refinery’s long-term growth strategy, operational performance and future prospects.
It said the proceeds from the equity placement would be used to finance the continued expansion of the refinery and petrochemical complex, strengthen its capital structure and improve financial flexibility for future growth initiatives.
The offering attracted significant participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners and individual investors. Among the major investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank).
President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, Aliko Dangote, described the successful placement as a major milestone in the company’s evolution.
He said the transaction would broaden and institutionalise the refinery’s shareholder base while providing additional capital to complement internally generated funds and existing external financing for its expansion plans.
Dangote added that the investment reinforces the company’s commitment to expanding Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and enhancing the continent’s energy security.
Also commenting on the development, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird, said the overwhelming investor interest reflects confidence in the company’s operational excellence and growth trajectory.
He noted that the strong demand for the offering demonstrates investors’ confidence in the refinery’s execution capability, leadership and long-term value creation potential.
With the completion of the transaction, the company said it is better positioned to accelerate its long-term growth strategy while contributing to Africa’s energy security through increased world-scale refining and petrochemical capacity.
DPRP also expressed appreciation to its financial advisers and transaction partners for their role in the successful completion of the equity placement.
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