The Africa Finance Corporation (AFC) has led a group of strategic investors in a benchmark $2.5 billion private placement for Dangote Petroleum Refinery and Petrochemicals (DPRP).

Marking DPRP’s initial equity capital raise beyond its legacy ownership, the transaction achieved a 3.7-times subscription level, attracting institutional investors, sovereign vehicles, and development finance institutions.

DPRP operates a $20bn integrated refining complex across 2,500 hectares in Lagos, Nigeria. 

Designed with a nameplate capacity of 650,000 barrels per day (bpd), the plant processes crude petroleum into petrol, diesel, aviation fuel, liquefied petroleum gas, and naphtha for domestic and international export markets.

The facility’s petrochemical plant also converts refinery-derived propylene into polypropylene for industrial manufacturing.

Under Dangote Group’s Vision 2030, DPRP plans to expand nameplate capacity to 1.4 million bpd by 2028.

AFC previously acted as Co-Coordinating Bank for DPRP’s $3bn syndicated loan and recently received full repayment of a foundational $300m senior term loan to Dangote Industries.

The transaction aligns with AFC’s strategy to provide early-stage risk capital and recycle funds into next-generation industrial infrastructure once assets attain stable, cash-generative operations.

Commenting on the transaction, Aliko Dangote, GCON, President and Chief Executive of Dangote Industries and Chairman of DPRP, 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 debt, 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 supporting the continent’s energy security.”