Dangote Refinery raises $2.5 billion in private placement, executive says

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Nigeria's Dangote Petroleum Refinery has raised $2.5 billion through a private placement as it ‌seeks to strengthen its financing structure, company executive Devakumar Edwin confirmed on Friday.

The capital raised ahead of a planned IPO this year is expected to help fund the refinery's expansion as it ramps up operations and expands in domestic and export fuel markets.
The 650,000-bpd refinery, which started production in 2024, has ramped up output of diesel, jet fuel, naphtha and petrol, sharply cutting Nigeria's ‌reliance ⁠on fuel imports.
Last month, sources familiar with the deal told Reuters the refinery was offering 3 billion ordinary shares at $0.35 each, ⁠with demand already topping $2 billion.
Investors were required to subscribe for at least 1 million shares, ⁠worth $350,000, with additional purchases in blocks of 500,000 shares. The shares will ⁠be subject to a 365-day lock-up, sources said.

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