LAGOS – Dangote Petroleum Refinery and Petrochemicals FZE has raised $2.5 billion in new equity through a private placement that was 3.7 times oversubscribed, marking Africa’s largest publicly disclosed primary equity private placement.
According to a statement from Dangote Group, the transaction, completed July 23, 2026, represents the 650,000-barrel-per-day facility’s first equity capital raise involving external investors beyond its legacy shareholder base, signaling robust institutional confidence in African energy infrastructure.
“This transaction is a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows,” said Dangote Industries Chairman Aliko Dangote.
The offering attracted significant international and pan-African capital, including commitments from the Africa Finance Corporation, India Infra Buildco—an investment vehicle facilitated by Afreximbank—sovereign-related funds, development finance institutions, and private investors.
Proceeds will fund the ongoing expansion of the refinery and petrochemical complex in Lekki, Lagos, while strengthening balance sheet flexibility to accelerate regional refining self-sufficiency and reduce fuel import dependence.
Managing Director David Bird noted that the exceptional investor demand serves as “a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership” during this operational scaling phase.
The capital injection comes as Nigeria aggressively expands domestic refining capacity to alleviate chronic foreign exchange pressures, cut petrol import bills, and secure energy supply across the West African sub-region.
