The Dangote Refinery, controlled by Africa’s richest man, Aliko Dangote, has received backing from some of Africa's most high-profile institutional investors, raising $2.5 billion in a historic private equity placement that generated record demand.
The funding deal, which was 3.7 times what the refinery had projected, is thought to be the largest publicly disclosed primary equity private placement ever completed in Africa by value.
It is the refinery's first major equity raise with external investors other than its existing shareholders, allowing ownership to be shared by international and African institutional investors, sovereign-linked investment vehicles, development finance institutions, and private investors.
The Africa Finance Corporation (AFC) and India Infra Buildco, an investment company enabled by the African Export-Import Bank, are among the major investors.
Their cooperation demonstrates great institutional trust in the refinery's ability to reshape Africa's energy landscape and reduce the continent's reliance on imported refined petroleum products.
