Dangote Petroleum Refinery and Petrochemicals has secured approximately $2.5 billion through a private equity fundraising, marking what the company says is the largest publicly disclosed primary equity placement by an African company.
In a statement issued on Thursday, the refinery said the capital raise represents its first equity investment from external shareholders outside its long-standing investor base, highlighting growing international confidence in the company’s operations and expansion plans.
The company said the fresh funds will be used to finance the continued development of its refining and petrochemical facilities, improve its capital structure and provide greater financial flexibility for future investments.
According to the refinery, the transaction attracted strong interest from a broad range of investors, including international and African institutional investors, development finance institutions, sovereign-backed investment vehicles, strategic partners and private investors.
Among the key investors are the Africa Finance Corporation and India Infra Buildco, an investment platform facilitated by the African Export-Import Bank.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the fundraising as a major step in broadening the company’s ownership structure while supporting its long-term growth strategy.
He said the equity placement complements the refinery’s existing financing sources and reinforces its commitment to expanding Africa’s refining and petrochemical capacity, reducing reliance on imported petroleum products and improving energy security across the continent.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the strong demand from investors reflected confidence in the company’s operational performance, management team and long-term outlook.
He noted that the successful transaction positions the refinery to accelerate its expansion plans while creating sustainable value for shareholders and strengthening Africa’s energy infrastructure.
The company also acknowledged the role of its financial advisers and transaction partners, whose support contributed to the successful completion of the fundraising exercise.
