Dangote Petroleum Refinery has locked in $1 billion in investor backing ahead of its planned Initial Public Offering, a move it says sets the stage for what could be Africa’s biggest industrial listing.
In a statement on Tuesday, the company said the underwriting programme was arranged by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group.
The deal is split into two parts: a $600 million private placement that has already been completed and funded, and an additional $400 million underwriting commitment tied to the IPO.
The $600 million portion was underwritten by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.
According to the refinery, Marob Strategies and Lilium Capital are now distributing the remaining $400 million across Global Africa. They are targeting sovereign wealth funds, governments, and institutional investors. Advisers said interest has been strong, pointing to growing appetite for large African assets that can deliver long-term value.
Officials framed the programme as more than fundraising. They said it is meant to deepen African capital markets, expand ownership of a strategic asset, and show how African institutions can mobilize capital for industrialization, energy security, and trade under the African Continental Free Trade Area.
Aliko Dangote, President and CEO of Dangote Industries Limited, called it a milestone for both the refinery and African capital markets. He noted that the deal opens the door for wider participation by African and Caribbean sovereign wealth funds and institutions.
Benedict Oramah, Chairman of Marob Strategies, said the response shows demand for African-led market transactions that give investors access to transformative projects on the continent.
Simon Tiemtoré, Chairman of Lilium Capital Group, added that the mandate aligns with his firm’s goal of connecting major African investment opportunities with institutions at home and abroad.
The refinery also announced it will receive its first crude shipment on Thursday.
