Dangote Petroleum Refinery & Petrochemicals (DPRP) has successfully raised $2.5 billion through a private equity placement, marking what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
The company announced on Thursday that the fundraising was 3.7 times oversubscribed, reflecting strong investor confidence and resulting in the issuance of new equity.
According to the refinery, the capital raise represents its first equity fundraising involving external investors beyond its existing shareholders, marking a major milestone in its long-term financing strategy and supporting the growth of Africa’s capital markets.
The proceeds will be used to:
* Expand the refinery and petrochemical complex.
* Strengthen the company’s capital structure.
* Improve financial flexibility for future growth initiatives.
The offering attracted significant interest from a broad range of investors, including international and African institutional investors, sovereign-related investment vehicles, development finance institutions, and strategic partners such as the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank).
Speaking on the achievement, Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited and Chairman of DPRP, described the transaction as a strategic move to broaden the company’s shareholder base while raising additional capital to complement existing cash flows and external financing.
He said the investment underscores the company’s commitment to expanding Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products, and enhancing the continent’s energy security.
Also commenting, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, said the overwhelming investor demand reflects confidence in the refinery’s operational performance, execution capability, and long-term growth strategy.
With the successful completion of the fundraising, DPRP says it is well positioned to accelerate its expansion plans and reinforce its role in strengthening Africa’s energy security through world-class refining and petrochemical operations.
