$1 BILLION VOTE OF CONFIDENCE! DANGOTE REFINERY SECURES MEGA BACKING AHEAD OF HISTORIC IPO
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GREATRIBUNETVNEWS–THE Dangote Petroleum Refinery & Petrochemicals has secured a massive $1 Billion backing ahead of its highly anticipated Initial Public Offering (IPO)— a move that could become Africa’s biggest and most consequential listing ever.
The landmark US$1 billion underwriting programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a fully funded $600 million private placement and an additional $400 million underwriting commitment for the IPO.
The $600m placement has already been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. The advisers say they are now coordinating participation from sovereign wealth funds, governments, and institutional investors across Global Africa, with investor appetite described as “overwhelming.”
The deal is more than money — it’s a statement that Africa can fund Africa. The programme is expected to deepen African capital markets, drive intra-African capital flows, and accelerate integration under the AfCFTA.
Reacting, Aliko Dangote, President/CE of Dangote Industries Limited, said:
“This is an important milestone for DPRP and for African capital markets. It reflects confidence in the refinery’s strategic role and creates a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.”
Professor Benedict Okey Oramah, Chairman of Marob Strategies, said the transaction demonstrated the appetite for African-led capital markets transactions providing access to transformative assets on the continent. “As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition. Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors. The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future,” he said.
Simon Tiemtoré, Chairman of Lilium Capital Group, similarly described the mandate as part of the firm’s effort to connect major African opportunities with institutional investors across Global Africa and international markets. “This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets. By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent. We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa.”
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