Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has completed a private equity placement that raised approximately $2.5 billion in new equity, in what the company described as a landmark transaction.
The capital raise is believed to be Africa’s largest publicly disclosed primary equity private placement and marks the first equity funding round involving external investors beyond the company’s legacy shareholder base.
According to a statement issued by the company, the transaction reflects strong investor confidence in the refinery’s long-term growth strategy, operational performance and prospects as a major energy and industrial enterprise.
The proceeds will be used to support the continued expansion of the refinery and petrochemical complex, strengthen its capital structure and provide greater financial flexibility to pursue future growth opportunities.
The offering attracted participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners and individual investors.
Among the notable participants were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank).
Chairman of DPRP and President of Dangote Industries Limited, Aliko Dangote, described the transaction as a strategic milestone in the company’s evolution.
He said the placement would help deepen and institutionalise the company’s shareholder base while providing additional capital to complement internal cash flows and external funding as the refinery advances its expansion plans.
According to him, the transaction also underscores the company’s commitment to expanding Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security.
The Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the strong investor response validated the company’s operational performance and growth outlook.
He said the exceptional demand for the offering demonstrated investor confidence in the company’s operational excellence, execution capabilities, leadership and future potential.
With the completion of the placement, DPRP said it is positioned to accelerate its long-term growth strategy and strengthen Africa’s energy security through large-scale refining and petrochemical capacity.
The company also acknowledged the contributions of its professional advisers and partners, whose expertise and support it said were instrumental to the successful completion of the transaction.
