Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced the successful completion of a landmark US$2.5 billion private equity placement, marking what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
The announcement, which was shared on the company’s official X (formerly Twitter) handle on Thursday, revealed that the transaction was 3.7 times oversubscribed relative to its initial offer size, resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
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According to the refinery, the capital raise represents its first equity fundraising exercise involving external investors beyond its legacy shareholder base and marks a significant milestone in advancing its long-term funding strategy while contributing to the continued development of Africa’s capital markets.
The proceeds from the private placement will support the ongoing expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and provide additional financial flexibility for future growth initiatives.
The offering attracted strong participation from a broad mix of international and African institutional investors, sovereign-related investment vehicles, development finance institutions, and strategic partners. 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). The transaction also drew support from institutional and individual investors, underscoring confidence in the refinery’s long-term growth strategy.
President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, Aliko Dangote, described the transaction as a strategic step to deepen and further institutionalise the company’s shareholder base while raising capital to complement internal cash flows and external funding as the refinery advances its expansion agenda.
He added that the successful fundraising demonstrated the company’s commitment to expanding domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined petroleum products, and strengthening the continent’s energy security.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the exceptional investor demand reflected confidence in the company’s operational excellence, execution capacity, and leadership.
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He noted that the successful placement positions the refinery to continue executing its long-term growth strategy while strengthening Africa’s energy security through world-class refining and petrochemical capacity.
The company also acknowledged the support of its professional advisers in delivering what it described as a historic and successful transaction.
