… with Access Bank as co-mandated lead arranger
…strengthening refinery’s role as Africa’s strategic petroleum supplier
Oredola Adeola
African Export-Import Bank (Afreximbank) has backed Dangote Petroleum Refinery and Petrochemicals FZE with a US$2.5 billion underwriting of a US$4 billion syndicated loan, bringing its total financing support to over US$3.5 billion, including a US$1 billion working capital facility provided since 2024.
The signing ceremony, held in Cairo, Egypt on Tuesday, brought together Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, and Aliko Dangote, President/Chief Executive of Dangote Industries Limited, alongside Afreximbank Board members and senior executives.
Afreximbank and Access Bank were appointed co-Mandated Lead Arrangers for the five-year facility to consolidate existing financing, optimise its capital structure and align with the refinery’s operational status and long-term growth plan.
According to Afreximbank the transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex with a capacity of 650,000 barrels per day.
It stated that the facility will enhance balance sheet flexibility, strengthen the company’s financial position, and support the refinery as a strategic supplier of refined petroleum products to Africa and the global market.
Afreximbank’s participation of US$2.5 billion is the largest share in the syndicate and underscores the Bank’s leadership in mobilising capital to support Africa’s industrialisation, advancing import substitution, promoting intra-African trade in refined petroleum products, and strengthening energy security.
Advisors Reports gathered that since the commencement of refining operations in February 2024, Afreximbank has supported the refinery with a US$ 1 billion working capital facility.
Pan-African multilateral financial institution has also been acting as Financial Adviser on the Naira-for-Crude initiative which is facilitating the purchase of crude oil and sale of refined product in local currency eliminating the dependence on foreign currency.
Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, commenting on the development during a strategy engagement session between the Board of Directors of Afreximbank and the leadership of Dangote Group in Cairo, Egypt said, “We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African.
“When we invest in ourselves, we do more than create jobs and wealth or expand government revenues; we build a secure and resilient future for our continent.
“This is why we are pleased to have invested about US$15 billion in the Dangote Group since 2015,” he said.
Dr. Elombi further stressed that there was nothing more rewarding than investing in African enterprises, emphasising that empowering them was imperative for the continent’s self-sustainability.
He noted, “Afreximbank and its Board of Directors stand ready to support the realisation of Dangote Group’s aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times.”
“This transaction makes a powerful statement about Afreximbank’s commitment to backing transformative and indigenous industrial projects that are reshaping Africa’s economic future.
“The Dangote Refinery stands as a bold symbol of what African ambition, African capital and African execution can achieve at scale.
‘Beyond expanding refining capacity, it is strengthening the foundations of Africa’s energy security, reducing dependence on imports and opening new frontiers for intra-African trade and industrial development.
“Afreximbank is proud to stand alongside this historic achievement and to continue supporting the continent’s journey towards greater self-sufficiency, resilience and prosperity,”,” he said.
Mr. Aliko Dangote, President/Chief Executive, Dangote Industries Limited, on his part, said, “This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth.
“We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.”
Advisors Reports further gathered that the syndicated term loan attracted strong interest from a consortium of African and international financial institutions, reflecting continued confidence in the Dangote Petroleum Refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.
