The Dangote Petroleum Refinery has secured $600 million from investors and received a further $400 million underwriting commitment as it prepares for a potential public listing.
The funding marks a major step in efforts to attract more African and Caribbean investors to the Lagos based refinery, one of Africa’s largest industrial projects.
The News Chronicle reports that the $600 million private placement has already been completed, while the additional $400 million commitment is designed to support the refinery’s planned initial public offering, subject to regulatory approval and market conditions.
Marob Strategies and Consulting DIFC and Lilium Capital Group are acting as financial advisers and structuring agents, with Pan African Refinery Investment SPV serving as underwriter.
The refinery, located in the Lekki Free Zone, can process up to 650,000 barrels of crude oil daily. It began producing diesel and aviation fuel in 2024 before adding petrol production later that year.
The fundraising could open the door for sovereign wealth funds, governments and institutional investors across Africa and the Caribbean to acquire interests in the facility.
However, details of the refinery’s valuation, investors behind the $600 million placement, IPO timing and proposed listing exchange remain undisclosed.
