Nigerian conglomerate Dangote has raised $2.5bn in new equity through a private placement to help fund the expansion of its 700,000 b/d Lekki refinery and petrochemical complex.
The capital raised secures funding "to complement our internal cash flows and external funding, as DPRP [Dangote Petroleum Refinery and Petrochemicals] advances its expansion agenda", company head Aliko Dangote said.
Dangote aims to add a new 750,000 b/d crude distillation unit (CDU) and additional secondary units at Lekki by December 2028, Dangote Industries vice-president Devakumar Edwin previously told Argus.
Dangote named Nigeria-based Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by African Export-Import Bank, as investors in the funding round.
Capital was raised "beyond its legacy shareholder base", Dangote said. It was not clear what stakes investors secured in exchange for the capital raised.
Dangote did not immediately respond to a request for further comment. The company holds an 80pc stake in the refinery, while Nigeria's state-owned oil firm NNPC holds 7.2pc. NNPC previously expressed interest in securing a 20pc stake in the refinery in 2021.
Dangote has previously said it plans to list on the Nigerian stock exchange through the sale of a 10pc stake.
