Dangote refinery secures $1bn backing for planned IPO

The Dangote Petroleum Refinery and Petrochemicals has secured a $1bn underwriting programme ahead of its planned Initial Public Offering. The $600m private placement has been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group, and Marob Strategies and Lilium Capital are now coordinating the distribution of the underwriting participation across Global Africa.

The response has been strong, reflecting growing institutional appetite for large-scale African assets capable of generating long-term economic value.

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