Dangote Petroleum Refinery and Petrochemicals FZE, DPRP, has completed a landmark private equity placement, raising approximately US$2.5 billion in new capital.
The deal is said to be Africa’s largest publicly disclosed primary equity private placement. It marks the first time DPRP has raised equity from external investors outside its legacy shareholder base.
The company said the transaction reflects strong investor confidence in the refinery’s long-term growth strategy and operational performance.
According to DPRP, proceeds from the placement will fund the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and provide financial flexibility for future growth opportunities.
The offering drew broad participation from international and African institutional investors, sovereign wealth funds, development finance institutions, strategic partners, and individual investors.
Speaking on the successful transaction, Aliko Dangote, President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the placement as a strategic milestone in the company’s evolution.
He added: “This transaction represents a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding as DPRP advances its expansion agenda.
It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security.”
Also commenting, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, said the overwhelming investor response validates the company’s operational performance and growth outlook.
He also said: “The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential.”
The company said it is now well-positioned to accelerate its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity.
