Dangote Petroleum Refinery and Petrochemicals FZE (“DPRP” or the “Enterprise”) today announces the successful completion of its landmark Private Placement, which achieved 3.7 times subscription relative to the initial offer size and resulted in the issuance and allotment of approximately US$2.5 billion in new equity.
This transaction is believed to be Africa’s largest publicly disclosed primary equity private placement by value. As the Enterprise’s private equity capital raise involving external investors beyond its legacy shareholder base, the offering marks a significant milestone advancing its long-term funding strategy and the continued development of African capital markets.
Proceeds from the Private Placement will support DPRP’s ongoing expansion of the refinery and petrochemical complex, strengthen the Enterprise’s capital structure and provide additional financial flexibility for future growth initiatives.
The offering attracted strong participation from a diverse group of international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-standing strategic partners, including African Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), alongside a broad mix of institutional and individual investors, underscoring deep and diversified market confidence in DPRP’s long-term strategy.
Aliko Dangote, GCON, President/Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the transaction as “a strategic step to deepen and further industrialise 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: “This further 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 noted: “The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership.”
Following the completion of the Private Placement, DPRP is well positioned to continue executing its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity. The strong investor response underscores continued confidence in DPRP’s strategy and strengthens its platform for long-term value creation.
The Enterprise acknowledges the critical support of its professional advisers in delivering this successful transaction.
