Dangote Refinery Secures $1 Billion Underwriting for Global IPO

The Dangote Petroleum Refinery & Petrochemicals Fze has completed a $1 billion underwriting programme in preparation for a planned initial public offering (IPO) that could be the largest in African history. Structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, the programme includes a funded $600 million private placement via Pan-African Refinery Investment SPV and a $400 million commitment to support the IPO.

While the refinery has reportedly applied to the Securities and Exchange Commission of Nigeria for a $5 billion IPO expected in October, the financial structure has evolved into a single global offering. This IPO now covers both the existing facility in Nigeria, which processes up to 700,000 barrels of crude per day, and a proposed second refinery in Lamu, Kenya, supported by President William Ruto.

Aliko Dangote and financial advisers stated the strong institutional response reflects confidence in the refinery's strategic role in energy security and industrialization under the African Continental Free Trade Area framework. The refinery aims to broaden ownership among governments, institutional investors, and sovereign wealth funds from Africa and the Caribbean.