LAGOS, Nigeria — Dangote Petroleum Refinery and Petrochemicals has completed a $2.5 billion private equity placement after the offering attracted subscriptions 3.7 times its initial size, in what the company described as Africa’s largest publicly disclosed primary equity private placement by value.
The company said in a statement that the transaction resulted in the issuance and allotment of about $2.5 billion in new equity and marked the refinery’s first equity capital raise involving external investors beyond its legacy shareholder base.
The capital raise is expected to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure and provide additional financial flexibility for future growth initiatives.
The company said the offering drew strong participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-standing strategic partners.
Key investors included Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank, alongside institutional and individual investors.
Aliko Dangote, president and chief executive of Dangote Industries Limited and chairman of Dangote Petroleum Refinery and Petrochemicals, said the transaction would broaden the company’s ownership structure while providing additional capital for its expansion plans.
“This is 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,” Dangote said.
“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.
David Bird, managing director and chief executive officer of Dangote Petroleum Refinery and Petrochemicals, said the strong investor demand reflected confidence in the company’s operations and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” Bird said.
