Sponsored
Business

Afreximbank Leads $4bn Financing for Dangote Refinery With $2.5bn Commitment

Sponsored
Sponsored

African Export-Import Bank has underwritten $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, in a move aimed at strengthening the refinery’s financial position and supporting its long-term growth and expansion strategy.

The five-year facility, arranged alongside Access Bank as co-Mandated Lead Arrangers, is designed to consolidate existing debt, optimise the refinery’s capital structure and align its financing with current operational realities.

The transaction marks a significant milestone for the Dangote Refinery, Africa’s largest refining and petrochemical complex with a capacity of 650,000 barrels per day.

Afreximbank’s $2.5 billion participation represents the largest share of the syndicate, underscoring its strategic role in mobilising capital for industrial projects across the continent. The bank said the financing aligns with its mandate to promote industrialisation, reduce reliance on imported petroleum products and deepen intra-African trade.

Since refining operations commenced in February 2024, Afreximbank has played a key role in supporting the project, including providing a $1 billion working capital facility and acting as financial adviser on the Naira-for-Crude initiative, which facilitates crude procurement and product sales in local currency.

Speaking during a strategy session in Cairo, Egypt, President and Chairman of the Board of Directors of Afreximbank, George Elombi, said the bank’s continued backing reflects confidence in indigenous African enterprises.

“We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African,” he said. “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”

Elombi disclosed that Afreximbank has committed about $15 billion to Dangote Group since 2015, highlighting the scale of its long-term partnership with the conglomerate.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a critical step in positioning the refinery for its next phase of expansion.

“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,” he said. “We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.”

The syndicated loan attracted strong participation from a mix of African and international financial institutions, reflecting sustained investor confidence in the refinery as a transformative industrial asset in advancing Africa’s energy security, reducing import dependence and supporting the continent’s broader industrialisation agenda.

Sponsored
Funsho Arogundade

Recent Posts

United Nigeria Airlines Pledges N20m To Fund Chinua Achebe Prize For Fiction For 10 Years

‎United Nigeria Airlines has pledged N20 million to sponsor the prestigious annual Chinua Achebe Prize…

15 minutes ago

Tegbe Foundation Empowers 60 Small Businesses and Social Enterprises Across Oyo State

Tegbe Foundation has concluded its Empowerment Initiative tagged #JTstrikesDiamond with a colorful Closing Ceremony in…

26 minutes ago

Comrade Dauda Leads Constituents On Fitness Walk As He Marks 1st Anniversary & IYD

ADEOLA OGUNLADE  The Executive Chairman of Ikeja Local Government, Comrade Akeem Olalekan Dauda (AKOD), on…

35 minutes ago

Osun 2026: When The People Speak, Politics Must Listen

BY MUYIWA AKINTUNDE The results of last Saturday's governorship election in Osun State will be…

1 hour ago

ONC PG, Amb. Emeni Ibe Felicitates With Dr. Gloria Diri On Her Birthday

The President General of the Orashi National Congress, ONC, Ambassador Emeni Ibe, JP, AP, and…

2 hours ago

EFCC Commences Investigations of Suspect Over Undeclared Foreign Currencies Intercepted At Kano Airport

The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced investigation…

2 hours ago
Sponsored