Afreximbank leads $2.5bn syndicated loan for Dangote refinery

Afreximbank has underwritten $2.5bn successful a $4bn syndicated word indebtedness successful enactment of Dangote Petroleum Refinery and Petrochemicals FZE’s (DPRP) integrated refinery and petrochemical analyzable successful Nigeria.

The indebtedness installation aims to consolidate existing financing, optimise Dangote refinery’s superior structure, and align with its operational presumption and projected expansion.

Afreximbank and Access Bank person been appointed arsenic co-mandated pb arrangers for the five-year loan.

Dangote Petroleum Refinery and Petrochemicals, which operates Africa’s largest refinery and petrochemical analyzable with a processing capableness of 650,000 barrels per day, volition usage the funds to fortify its fiscal position.

The transaction is intended to enactment the institution arsenic a supplier of refined petroleum products some wrong Africa and internationally.

Dangote Industries president and CEO Aliko Dangote said: “This financing marks an important measurement successful strengthening the fiscal instauration of Dangote Petroleum Refinery & Petrochemicals and positions the concern for the adjacent signifier of its growth.

“We admit Afreximbank’s continued enactment and assurance successful our imaginativeness to physique world-class concern capableness that serves Nigeria, Africa and planetary markets.”

Afreximbank’s information successful the syndicate represents the largest azygous stock among each parties involved.

Since February 2024, erstwhile refining operations commenced, Afreximbank has besides provided a $1bn moving superior installation to the refinery and acted arsenic fiscal advisor connected the Naira-for-Crude initiative.

This inaugural facilitates crude lipid purchases and income of refined products successful section currency, reducing reliance connected overseas exchange.

The indebtedness attracted involvement from a scope of African and planetary fiscal institutions. Afreximbank stated that its engagement reflects its ongoing committedness to mobilising superior for African concern projects, import substitution efforts, intra-African commercialized successful refined products, and vigor information crossed the continent.

Afreximbank president and committee of directors’ president Dr George Elombi said: “We instrumentality immense pridefulness successful being the azygous largest supplier of financing to the Dangote Group. We bash truthful chiefly due to the fact that Dangote is African.

“When we put successful ourselves, we bash much than make jobs and wealthiness oregon grow authorities revenues; we physique a unafraid and resilient aboriginal for our continent. This is wherefore we are pleased to person invested astir $15bn successful the Dangote Group since 2015.”

In April 2025, Afreximbank earmarked $3bn to concern the acquisition of refined products wrong Africa. The inaugural was intended to fortify the continent’s refining capableness and alteration its reliance connected imported refined products.