Dangote Refinery raises landmark $2.5bn in equities placement

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has completed a private equity placement, raising about $2.5bn in fresh capital.

The company disclosed this in a statement on Thursday, saying the transaction is Africa’s largest publicly disclosed primary equity private placement.

fundraising marked a significant milestone in its history and reflected strong investor confidence in its long-term growth strategy and operational excellence.

According to the statement, the transaction is the refinery’s first equity funding round involving external investors beyond the company’s legacy shareholder base.

It stated that the proceeds would be deployed to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure and enhance financial flexibility to pursue future growth opportunities.

The statement noted that the offering attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners and individual investors.

READ ALSO: Ubi Franklin recalls he almost committed suicide when his actress wife left him (Video)

Among the notable participants were the Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank, which the company said reflected deep and diversified confidence in the refinery’s long-term prospects.

Commenting on the successful transaction, President and Chief Executive of Dangote Industries Limited and Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the placement as a strategic milestone in the company’s evolution.

“This transaction represents a strategic step to deepen and further institutionalise the…