• Deal oversubscribed 3.7 times
Nume Ekeghe
Africa Finance Corporation (AFC) has led a group of strategic investors in a landmark $2.5 billion private placement by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP), in a major capital injection into Nigeria’s largest integrated refining and petrochemical project.
In a statement from AFC, they stated that the transaction, which represents DPRP’s first equity capital raise involving new investors beyond its legacy ownership, was oversubscribed 3.7 times, reflecting strong demand from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, and strategic partners.
The fresh capital comes as Dangote Group advances its Vision 2030 plan to more than double the refinery’s nameplate capacity from 650,000 barrels per day to 1.4 million barrels per day by 2028.
