Dangote Refinery Completes $1 Billion IPO Underwriting

Dangote Petroleum Refinery & Petrochemicals has made significant progress towards its planned Initial Public Offering (IPO) by completing a $1 billion underwriting programme. This programme includes a $600 million private placement, fully funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group, and a $400 million underwriting commitment.

The underwriting programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, aims to engage sovereign wealth funds, governments, and institutional investors across Global Africa. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, emphasized the transaction's importance for both the refinery and African capital markets, highlighting the confidence in the refinery’s strategic role.

Professor Benedict Okey Oramah, Chairman of Marob Strategies, noted the strong appetite for African-led capital market transactions that provide access to transformative assets. The initiative is expected to deepen African capital markets and promote long-term economic value across the continent.