By Ikugbadi Oluwasegun
Dangote Petroleum Refinery and Petrochemicals FZE has successfully completed a landmark private equity placement, raising approximately US$2.5 billion in new equity.
The company disclosed on Thursday that the offering was 3.7 times oversubscribed relative to the initial size, making it what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
The transaction marks DPRP’s first equity capital raise involving external investors beyond its legacy shareholder base. Proceeds will be deployed to support the ongoing expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and provide financial flexibility for future growth initiatives.
The placement attracted strong participation from a diverse group of international and African institutional investors, sovereign-related investment vehicles, development finance institutions, and strategic partners. Key participants include the Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank, Afreximbank.
Aliko Dangote, GCON, President/Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the raise 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 that the transaction 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.”
David Bird, Managing Director/Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, said the exceptional demand reflects “operational excellence, execution capacity, and investor confidence in DPRP’s leadership.”
With the completion of the placement, DPRP says it is well positioned to continue executing its long-term growth strategy and to strengthen Africa’s energy security through world-scale refining and petrochemical capacity.
