Dangote Refinery Secures $2.5 Billion in Private Share Placement
Africa Finance Corp and Afreximbank join investors as the Nigerian firm prepares for a major initial public offering.
Jakub Pabis
Dangote Petroleum Refinery & Petrochemicals FZE has raised $2.5 billion through a private share placement. The Nigeria-based firm secured the capital with support from the Africa Finance Corp. and the Africa Export-Import Bank.
The $2.5 billion injection marks a record investment for the company. It arrives as Dangote Petroleum Refinery & Petrochemicals FZE prepares for what is described as Africa's biggest initial public offering.
Expansion Plans
According to reports, the newly raised funds will be used to expand the refinery located in Lagos. The facility is currently linked to a billionaire Nigerian businessman.
Plans indicate an intention to grow refinery capacity from approximately 650,000 barrels per day to 1.4 million barrels per day by 2028. This expansion aims to increase output significantly within the next four years.
Economics Correspondent · Talivio News
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