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Nigeria’s Dangote Petroleum Refinery has raised $2.5 billion through a private placement to strengthen its financial position, company executive Devakumar Edwin confirmed on Friday.
The company secured this substantial capital injection ahead of a highly anticipated initial public offering (IPO) scheduled for later this year.
Management will use the new funds to finance the facility’s expansion as it aggressively increases production and targets both domestic and international fuel export markets.
The massive 650,000-barrel-per-day facility, which launched production in 2024, has rapidly scaled up its output of diesel, jet fuel, naphtha, and petrol.
This operational surge has drastically minimised Nigeria’s traditional reliance on expensive foreign fuel imports.
The successful private placement follows a recent share offering where the refinery marketed 3 billion ordinary shares at $0.35 each, drawing immediate and heavy investor interest.
The investment structure required participants to buy a minimum of 1 million shares, worth $350,000, and mandated a 365-day lock-up period before buyers can trade their shares.
