SAT JULY 18 2026-theGBJournal| Dangote Petroleum Refinery and Petrochemicals FZE has raised $2.5 billion through a private share placement after investors submitted about $4 billion in orders, valuing Africa’s largest refinery at approximately $40 billion and setting the stage for an initial public offering that could raise a further $1.5 billion to $2 billion as early as August.
The company sold up to 6% of its equity in the oversubscribed placement, underscoring strong investor appetite for the refinery as it ramps up production and positions itself as a strategic supplier of refined fuels to Africa and international markets.
The equity fundraising follows a $750 million debt raise for the refinery and provides fresh capital for an ambitious expansion programme that aims to increase processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2028, effectively doubling output.
The planned IPO, expected as early as August, is projected to raise an additional $1.5 billion to $2 billion, with proceeds also earmarked to finance the capacity expansion.
The fundraising comes as the 650,000-barrel-per-day Lagos refinery has emerged as an increasingly important alternative source of refined petroleum products following disruptions to Gulf energy routes after the outbreak of the Iran war in February 2026.
The conflict has prompted buyers to diversify supply chains away from the Middle East, enhancing the refinery’s strategic importance in global fuel markets.
The successful private placement and planned stock market listing mark a significant milestone for the refinery, which has become central to Nigeria’s drive to reduce fuel imports, strengthen energy security and establish itself as a major exporter of refined petroleum products.
The transaction also ranks among the largest private capital raises for an African industrial asset in recent years.
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