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African Export-Import Bank (Afreximbank) said on Tuesday it has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
Afreximbank and Access Bank served as co-mandated lead arrangers for the five-year facility, which aims to consolidate existing financing, optimise the refinery’s capital structure, and support its long-term growth, according to a statement.
The bank said Dangote refinery, Africa’s largest, has a capacity of 650,000 barrels per day.
Read more: Afreximbank closes $2 billion dual-tranche syndicated loan facility
According to them, the facility is expected to enhance balance sheet flexibility, strengthen the company’s financial position, and support its role as a key supplier of refined petroleum products across Africa and global markets.
It said the Afreximbank’s US$2.5 billion share represented the largest portion of the syndicate and underscores the bank’s role in mobilising capital to support African industrialisation, promote intra-African trade, and strengthen energy security.
Since the refinery began operations in February 2024, Afreximbank has also provided a US$1 billion working capital facility and acted as financial adviser on a Naira-for-Crude initiative, enabling transactions in local currency.
Commenting on the transaction, Dr. George Elombi, President and Chairman of Afreximbank, said: “We take immense pride in being the single largest provider of financing to the Dangote Group. 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.”
Aliko Dangote, President and Chief Executive Officer of Dangote Industries, 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.”
The syndicated loan attracted strong interest from a consortium of African and international financial institutions, reflecting investor confidence in the refinery as a transformative industrial project and in Africa’s broader industrialisation agenda.
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