Afreximbank and Access Bank were appointed co-Mandated Lead Arrangers for the five-year facility to consolidate existing financing, optimise its capital structure, and align with the refinery’s operational status and long-term growth plan.
The transaction marks a major milestone for Dangote, Africa’s largest refinery and petrochemical complex with a capacity of 650 000 bpd. The facility will enhance balance sheet flexibility, strengthen the company’s financial position, and support the refinery as a strategic supplier of refined petroleum products to Africa and the global market.
Afreximbank’s participation of US$2.5 billion is the largest share in the syndicate and underscores the Bank’s leadership in mobilising capital to support Africa’s industrialisation, advancing import substitution, promoting intra-African trade in refined petroleum products, and strengthening energy security.
Since the commencement of refining operations in February 2024, Afreximbank has supported the refinery with a US$1 billion working capital facility, as well as acting as Financial Adviser on the Naira-for-Crude initiative, which is facilitating the purchase of crude oil and sale of refined product in local currency, eliminating the dependence on foreign currency.
Commenting on the development during a strategy engagement session between the Board of Directors of Afreximbank and the leadership of Dangote Group in Cairo, Egypt, Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, said: “We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African. 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. This is why we are pleased to have invested about US$15 billion in the Dangote Group since 2015."
Aliko Dangote, President/Chief Executive, Dangote Industries Ltd, on his part, added: “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 to build world-class industrial capacity that serves Nigeria, Africa, and global markets.”
The syndicated term loan attracted strong interest from a consortium of African and international financial institutions, reflecting continued confidence in the Dangote Petroleum Refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.