Dangote Redinery secures $1bn ahead of planned IPO

As the Dangote Petroleum Refinery and Petrochemicals prepares for its initial public offering, the company has secured a $1bn underwriting program. This program, underwritten by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, includes a completed $600m private placement and a $400m underwriting commitment. The private placement was funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.

Marob Strategies and Lilium Capital are now coordinating the distribution of the underwriting participation to Global Africa, targeting sovereign wealth funds, governments, institutional investors, and other eligible investors. The response has been overwhelmingly positive, indicating a strong institutional appetite for large-scale African assets.

The program is also expected to stimulate significant intra-African capital flows and contribute to the development of a more integrated African capital market, in line with the African Continental Free Trade Area. Dangote Industries Limited CEO Aliko Dangote hailed the transaction as a significant milestone for both the refinery and African capital markets, emphasizing the confidence it reflects in the refinery's strategic importance.

Marob Strategies Chairman Professor Benedict Okey Oramah expressed pride in the successful completion of the private placement and the ensuing $400m underwriting commitment, which he believes will pave the way for more African-led capital markets transactions. Lilium Capital Group Chairman Simon Tiemtoré highlighted the company's commitment to connecting major African opportunities with institutional investors, supporting industrialization and sustainable economic growth across the continent.