By The Dangote Petroleum Refinery and Petrochemicals has secured a $1 billion underwriting programme ahead of its planned Initial Public Offering (IPO), This was confirmed yesterday, in a statement issued by the Dangote Group.
The programme, structured by Marob Strategies and Consulting DIFC Ltd alongside Lilium Capital Group, includes a completed and funded $600 million private placement and a further $400 million underwriting commitment. This support significantly bolsters the capital markets foundation for the refinery, which could become Africa’s most essential industrial listing.
The private placement is underwritten and funded by the Pan-African Refinery Investment Special Purpose Vehicle (SPV), a subsidiary of Lilium Capital Group.
The transaction aims not only to raise capital but also to deepen African capital markets and broaden ownership of a strategic enterprise. Priority is given to engage sovereign wealth funds, governments, and institutional investors across Global Africa, reflecting a growing appetite for large-scale African assets capable of generating long-term economic value.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, emphasized the deal’s significance, stating, “This is an important milestone for DPRP and for African capital markets,” noting that it reflects confidence in the refinery’s strategic role and creates a broad participation platform for African and Caribbean investors.
He added, “The successful completion of the private placement, together with the $400 million underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role.”
Professor Benedict Okey Oramah, Chairman of Marob Strategies, expressed pride in the management team’s accomplishment, highlighting, “Marob Strategies is now focused on disciplined distribution across Global Africa.” Oramah remarked that the high level of interest confirms the appetite for transactions in African-led capital markets that offer transformative assets on the continent
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.Similarly, Simon Tiemtoré, Chairman of Lilium Capital Group, reinforced the significance of the mandate and its broader implications, articulating, “This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.” He asserted that the initiative will support industrialization, strengthen capital markets, and contribute to sustainable economic growth throughout the continent.
As the transaction advances, it is anticipated to catalyze significant intra-African capital flows and facilitate a more integrated African capital market. The programme aligns with efforts under the African Continental Free Trade Area (AfCFTA), showcasing the potential to mobilize long-term capital for critical sectors such as industrialization, energy security, import substitution, and trade integration.
Author: byN News Crew
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