By Ayomide Otitoju
Dangote Petroleum Refinery and Petrochemicals has secured $2.5 billion in fresh private equity investment to support the next phase of its expansion and strengthen its position in Africa’s downstream energy sector.
The company announced on Thursday that the funds were raised through a private placement involving the issuance of approximately 3.7 trillion subscription units, attracting a wide range of African and international institutional investors.
According to the refinery, the transaction is the largest publicly disclosed private equity placement in Africa and represents a major milestone in its long-term growth strategy.
Dangote said the new capital will be used to expand its refining and petrochemical operations, strengthen its capital structure and provide greater financial flexibility for future investments.
The fundraising attracted participation from institutional investors, sovereign wealth funds, development finance institutions and strategic partners, including the Africa Finance Corporation (AFC) and Infra Builda, an investment platform facilitated by the African Export-Import Bank (Afreximbank).
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the investment as a strong endorsement of the refinery’s performance and long-term vision.
He said the successful fundraising reflects investor confidence in the company’s expansion strategy and its commitment to strengthening Africa’s refining capacity, reducing reliance on imported petroleum products and improving the continent’s energy security.
The 650,000-barrel-per-day refinery, which commenced commercial operations in 2024, has significantly reshaped the supply of refined petroleum products in Nigeria and across parts of West Africa.
The latest investment comes as the company advances plans to expand its refining and petrochemical businesses, with a target of increasing refining capacity to 1.4 million barrels per day.
Dangote Petroleum Refinery said the successful capital raise reinforces investor confidence in its long-term strategy and provides a stronger platform to drive future growth while supporting Africa’s industrial and energy development.
