The Dangote Petroleum Refinery & Petrochemicals has completed a $1 billion underwriting programme, marking a major step toward its planned initial public offering and what could become one of Africa’s most significant industrial listings.
The programme, structured by Marob Strategies and Consulting DIFC Limited and Lilium Capital Group, consists of a fully funded $600 million private placement and a further $400 million underwriting commitment in support of the IPO. The private placement was underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.
Marob Strategies and Lilium Capital are now distributing the underwriting participation across Global Africa, engaging sovereign wealth funds, governments, institutional investors and other eligible participants.
Advisers report strong interest, signalling growing institutional appetite for large-scale African assets with long-term economic potential. The initiative is also expected to boost intra-African capital flows and support deeper capital market integration under the African Continental Free Trade Area (AfCFTA).
Beyond raising capital, the programme aims to deepen African capital markets, broaden ownership of a strategic industrial asset, and demonstrate the ability of African institutions to mobilise long-term funding for industrialisation, energy security, import substitution and trade integration.
Aliko Dangote, president and chief executive of Dangote Industries Limited, described the transaction as a key milestone. “This is an important milestone for DPRP and for African capital markets,” he said.
“The successful completion of the private placement, together with the $400 million underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role.
The work undertaken by Marob Strategies and Lilium Capital has also created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.”
Professor Benedict Okey Oramah, chairman of Marob Strategies, said the deal highlighted demand for African-led capital markets transactions.
“As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition. Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future.”
Simon Tiemtoré, chairman of Lilium Capital Group, framed the mandate as part of efforts to link major African projects with institutional capital.
“This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.
“By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent.
“We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa.”
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