To fortify its financial structure, Nigeria’s Dangote Petroleum Refinery has raised $2.5 billion through a private placement, according to Devakumar Edwin, the company’s CEO, on Friday.
The money raised in advance of this year’s scheduled initial public offering (IPO) is expected to support the refinery’s growth as it intensifies operations and expands into both domestic and international fuel markets.
Nigeria’s dependency on fuel imports has significantly decreased as a result of the 650,000-bpd refinery’s increased production of diesel, jet fuel, naphtha, and gasoline since it began operations in 2024.
The refinery was offering 3 billion common shares for $0.35 each, with demand already exceeding $2 billion.
A minimum of one million shares, valued at $350,000, had to be subscribed for by investors, with further acquisitions being made in blocks of 500,000 shares. A 365-day lock-up will apply to the shares.
