Dangote Petroleum Refinery and Petrochemicals FZE owns the approximately US$20 billion integrated refining and petrochemical complex located on a 2,500-hectare site in Lagos, Nigeria. The project was designed with a nameplate capacity of 650,000 barrels of crude oil per day, processing crude petroleum into petrol, diesel, aviation fuel, liquefied petroleum gas, naphtha and other refined products for the Nigerian, African and international export markets. The adjoining petrochemical plant converts refinery-derived propylene into polypropylene, a key raw material used in packaging, textiles, household goods, automotive components, medical products and other manufactured goods. As part of the Dangote Group’s Vision 2030, they have announced the intention to more than double the nameplate capacity of the refinery to 1.4 million barrels per day by 2028.

The private placement of shares was DPRP’s first equity capital raise to include new investors beyond its legacy ownership. The transaction recorded a 3.7x subscription level, with strong participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-standing strategic partners.

AFC’s investment deepens its longstanding partnership with Dangote Group across some of Africa’s most consequential industrial projects. AFC acted as Co-Coordinating Bank on a US$3 billion syndicated loan for DPRP and recently received full repayment of its foundational US$300 million senior term loan to Dangote Industries Limited, which helped advance the refinery from concept stage. This latest commitment reflects AFC’s model of providing early-stage risk capital before recycling funding into the next generation of transformative projects once assets reach stable, cash-generative operations.

Samaila Zubairu, AFC President & CEO, said: “AFC’s participation in this transaction reflects our continued conviction in DPRP as one of the most consequential industrial assets on the continent. Since the refinery’s earliest stages, AFC has provided catalytic capital to help move the project from concept to reality — from our role in the syndicated financing and our support for working capital during commissioning to this investment in its next phase of growth. This is what long-term partnership looks like: capital that remains engaged as a project develops, becomes operational and matures into a stable, cash-generating industrial platform. DPRP’s success is a powerful demonstration of the scale of ambition, execution and value creation that is possible in Africa.”

Commenting on the transaction, Aliko Dangote, GCON, President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the transaction as “a strategic step to deepen and further institutionalize the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external debt, as DPRP advances its expansion agenda.” He added: “This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity — reducing Africa’s reliance on imported refined products and supporting the continent’s energy security.”

David Bird, Managing Director and Chief Executive Officer of DPRP, noted: “The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership.”