The Africa Finance Corporation (AFC) has led a consortium of strategic investors in a $2.5 billion private equity raise for Dangote Petroleum Refinery and Petrochemicals FZE (DPRP), providing fresh capital to support the expansion of the facility’s refining capacity.
AFC said the fundraising exercise, the first equity capital raise involving new investors outside the refinery’s original ownership structure, was oversubscribed by 3.7 times, attracting strong interest from international and African institutional investors, development finance institutions, sovereign-backed investment funds and strategic partners.
The investment comes as the Dangote Group pursues its Vision 2030 agenda, which aims to increase the refinery’s capacity from 650,000 barrels per day to 1.4 million barrels per day by 2028.
Located on a 2,500-hectare site in Lagos, the nearly $20 billion Dangote refinery and petrochemical complex is designed to process crude oil into petrol, diesel, aviation fuel, liquefied petroleum gas, naphtha and other refined products for domestic and export markets. The adjoining petrochemical facility also produces polypropylene used in packaging, textiles, automotive parts and medical products.
AFC President and Chief Executive Officer, Samaila Zubairu, described the refinery as one of Africa’s most significant industrial assets, noting that the corporation has supported the project from its early stages through syndicated financing and working capital support.
According to him, the latest investment demonstrates AFC’s long-term commitment to the refinery’s growth and its confidence in the project’s ability to deliver value across the continent.
Chairman of DPRP and President of Dangote Industries Limited, Aliko Dangote, said the transaction would broaden the company’s shareholder base while providing additional capital to complement internal resources and existing debt facilities.
He added that the investment reinforces the group’s commitment to expanding Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening energy security across the continent.
Managing Director and Chief Executive Officer of DPRP, David Bird, said the strong investor interest reflected confidence in the refinery’s operations, management and future growth prospects.
The successful capital raise is expected to accelerate the refinery’s expansion plans and further position the facility as a major player in Africa’s energy and industrial sectors.
