The Dangote Petroleum Refinery and Petrochemicals has secured a US$1 billion underwriting programme ahead of its planned Initial Public Offering (IPO), strengthening the financing framework for the proposed listing.
The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed and funded US$600 million private placement and a further US$400 million underwriting commitment.
The private placement was underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. The two financial advisers are now coordinating the distribution of the underwriting participation among sovereign wealth funds, governments, institutional investors and other eligible investors across Africa and the Caribbean.
The development is expected to broaden institutional participation in the refinery and support the mobilisation of long-term capital for industrialisation, energy security and import substitution across the continent.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the transaction as a significant milestone for the refinery and African capital markets.
He said the successful completion of the private placement and the additional underwriting commitment reflected investor confidence in the refinery’s strategic importance and would create opportunities for broader participation by African and Caribbean institutional investors.
Chairman of Marob Strategies, Professor Benedict Okey Oramah, said the transaction demonstrated growing interest in African-led capital-market deals that provide access to major industrial assets.
Chairman of Lilium Capital Group, Simon Tiemtoré, said the firm’s involvement was aimed at connecting strategic African investment opportunities with institutional investors and mobilising capital to support sustainable economic growth.
