Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has led a group of strategic investors into the landmark US$2.5 billion Private Placement completed by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
Dangote Petroleum Refinery and Petrochemicals FZE owns the approximately US$20 billion integrated refining and petrochemical complex located on a 2,500-hectare site in Lagos, Nigeria. The project was designed with a nameplate capacity of 650,000 barrels of crude oil per day, processing crude petroleum into petrol, diesel, aviation fuel, liquefied petroleum gas, naphtha and other refined products for the Nigerian, African and international export markets. The adjoining petrochemical plant converts refinery-derived propylene into polypropylene, a key raw material used in packaging, textiles, household goods, automotive components, medical products and other manufactured goods. As part of the Dangote Group’s Vision 2030, they have announced the intention to more than double the nameplate capacity of the refinery to 1.4 million barrels per day by 2028.
The private placement of shares was DPRP’s first equity capital raise to include new investors beyond its legacy ownership. The transaction recorded a 3.7x subscription level, with strong participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-standing strategic partners.
AFC’s investment deepens its longstanding partnership with Dangote Group across some of Africa’s most consequential industrial projects. AFC acted as Co-Coordinating Bank on a US$3 billion syndicated loan for DPRP and recently received full repayment of its foundational US$300 million senior term loan to Dangote Industries Limited, which helped…
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