Dangote refinery secures $1bn backing for planned IPO

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, with Marob Strategies and Lilium Capital coordinating the distribution of underwriting participation across Global Africa. The response to the program has been strong, reflecting growing institutional appetite for large-scale African assets.

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