Africa Finance Corporation (AFC) has led a group of strategic investors in a landmark US$2.5 billion private placement completed by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
The private placement process began in early June 2026. An initial tranche targeting around US$1 billion opened on 1 June and closed on 10 June at US$0.35 per share (offering 3 billion ordinary shares and implying an enterprise valuation of approximately US$39.1 billion). Strong early demand already exceeded US$2 billion. The full fundraising continued in stages and was ultimately completed as a US$2.5 billion raise. DPRP formally announced the successful completion of the placement on 23 July 2026, recording 3.7 times oversubscription and drawing total demand of nearly US$4 billion. The shares carry a 365-day lock-up period.
This marked DPRP’s first equity capital raise involving new investors beyond its legacy ownership. Participants included international and African institutional investors, sovereignrelated investment vehicles, development finance institutions and long-standing strategic partners. AFC and India Infra Buildco (an investment vehicle facilitated by the African Export-Import Bank) were among the key investors.
DPRP owns the integrated refining and petrochemical complex on a 2,500-hectare site in Lagos, Nigeria. The facility, built at a cost of approximately US$20 billion, has a nameplate capacity of 650,000 barrels of crude oil per day. It processes crude into petrol, diesel, aviation fuel, liquefied petroleum gas, naphtha and other refined products for Nigerian, African and international markets. An adjoining petrochemical plant converts refinery-derived propylene into polypropylene.
As part of the Dangote Group’s Vision 2030, the company plans to more than double the refinery’s capacity to 1.4 million barrels per day by 2028.
AFC’s participation builds on its existing relationship with the Dangote Group. The corporation previously acted as Co-Coordinating Bank on a US$3 billion syndicated loan for DPRP and recently received full repayment of a foundational US$300 million senior term loan to Dangote Industries Limited that supported the project in its early stages.
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