Continental multilateral lender African Export-Import Bank (Afreximbank) has underwritten US$2.5 billion in the US$4-billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
- •Afreximbank and Access Bank were appointed co-Mandated Lead Arrangers for the five-year facility to consolidate existing financing, optimise its capital structure and align with the refinery’s operational status and long-term growth plan.
- •The facility will enhance balance sheet flexibility, strengthen the company’s financial position, and support the refinery which is Africa's largest refinery and petrochemical complex with a capacity of 650,000 barrels per day.
- •The development coincides with heightened demand for fuel from the refinery from the continent and beyond, as disruptions in shipping routes in the Strait of Hormuz have spooked global supply chains.
“This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth," Aliko Dangote, President/Chief Executive, Dangote Industries Limited, said.
In August 2025, Dangote announced plans to refinance his industrial conglomerate with a US$ 4bn syndicated loan to stabilise operations. The refinancing loan-one of the largest syndicated loans in recent African financial markets— included US$1.35bn from the African Export-Import Bank (Afreximbank).
"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$15 billion in the Dangote Group since 2015," Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, said.
Afreximbank has supported the refinery with a US$ 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.
