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.
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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.