Dangote Refinery Secures $400m Backing for Potential $5bn Nigerian IPO

Dangote Petroleum Refinery has secured a $400 million underwriting commitment as it prepares for a potential initial public offering that could be worth up to $5 billion. The commitment is part of a wider $1 billion underwriting programme, which also includes a completed $600 million private placement. The company has applied to the Securities and Exchange Commission for the proposed IPO, although the final offer size will depend on regulatory approval and market conditions. The planned listing is expected to focus on Nigerian investors, giving more citizens a chance to own shares in the refinery. With a current capacity of about 650,000 barrels per day, the refinery plans to expand to roughly 1.4 million barrels per day within three years. Proceeds from the IPO and additional debt are expected to support the expansion, making the planned listing a major development for Nigeria’s energy industry and capital market.

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