Dangote Refinery Secures $1bn for Planned IPO

The Dangote Petroleum Refinery and Petrochemicals has secured a $1bn underwriting program in preparation for its planned Initial Public Offering (IPO). This program, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, includes a completed $600m private placement and a further $400m underwriting commitment.

The $600m private placement has been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. The Dangote Group stated that Marob Strategies and Lilium Capital are coordinating the distribution of the underwriting participation across Global Africa, targeting sovereign wealth funds, governments, and institutional investors.

Aliko Dangote, President and CEO of Dangote Industries Limited, described this transaction as a significant milestone for both the refinery and African capital markets, reflecting confidence in the refinery’s strategic role. Professor Benedict Okey Oramah, Chairman of Marob Strategies, noted the strong interest in African-led capital markets transactions, indicating a growing appetite for transformative assets on the continent.