Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has completed a US$2.5 billion private equity placement, with the company describing the transaction as Africa’s largest publicly disclosed primary equity private placement by value.
According to a statement issued by Dangote Petroleum Refinery and Petrochemicals, the offering was 3.7 times oversubscribed relative to its initial size and resulted in the issuance and allotment of approximately US$2.5 billion in new equity.
The company said the transaction marks its first equity capital raise involving external investors beyond its existing shareholder base and represents a major milestone in its long-term funding strategy and efforts to deepen African capital markets.
It stated that proceeds from the fundraising would support the continued expansion of its refinery and petrochemical complex, strengthen its capital structure, and provide additional financial flexibility for future growth initiatives.
The statement added that the offering attracted participation from a broad range of international and African institutional investors, sovereign-related investment vehicles, development finance institutions, and strategic partners, including Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank).
Commenting on the development, 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 Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding, as DPRP advances its expansion agenda.”
He added: “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.”
Also commenting, the Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said: “The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership.”
The company said the successful completion of the private placement positions it to execute its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity. It also acknowledged the support of its professional advisers in concluding the transaction.