Dangote Petroleum Refinery and Petrochemicals has secured $2.5 billion in fresh private equity investment to accelerate the expansion of Africa’s largest refinery and strengthen its position in the continent’s downstream oil and gas industry.
The company disclosed on Thursday that the funds were raised through a private placement involving the issuance of about 3.7 trillion subscription units, attracting strong interest from both African and international institutional investors.
Described as Africa’s largest publicly disclosed private equity placement, the investment marks a major milestone in the refinery’s long-term growth strategy.
According to the company, the capital will be deployed to expand its refining and petrochemical operations, improve its capital structure, and provide greater financial flexibility for future investments.
The fundraising attracted a diverse group of investors, including institutional investors, sovereign wealth funds, development finance institutions, and strategic partners such as the Africa Finance Corporation (AFC) and Infra Builda, an investment platform supported by the African Export-Import Bank (Afreximbank).
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the successful transaction as a strong endorsement of the refinery’s performance and future potential.
He said the investment reflects growing confidence in the company’s expansion plans and its commitment to boosting Africa’s refining capacity, reducing dependence on imported petroleum products, and strengthening the continent’s energy security.
The 650,000-barrel-per-day refinery, which commenced commercial operations in 2024, has significantly transformed the supply of refined petroleum products in Nigeria and across West Africa.
Dangote also reaffirmed plans to increase the refinery’s capacity to 1.4 million barrels per day, a move that would place it among the largest refining facilities in the world.
The company noted that the new investment provides a solid foundation for future expansion while advancing Africa’s industrialisation and energy development goals.
