Online Reporter
Business Reporter
THE African Export-Import Bank (Afreximbank) has underwritten US$2,5 billion as part of a US$4 billion senior syndicated term loan arranged in favour of the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP), in a move described by the bank as a landmark commitment to African industrialisation.
Afreximbank and Access Bank acted as co-Mandated Lead Arrangers for the five-year facility, which is intended to consolidate existing financing, optimise the company’s capital structure, and align with the refinery’s operational status and long-term growth strategy.
The transaction represents a significant milestone for DPRP, Africa’s largest refinery and petrochemical complex, which has a capacity of 650 000 barrels per day. According to a statement released by the bank, the facility will enhance balance sheet flexibility, strengthen the company’s financial position, and support its role as a strategic supplier of refined petroleum products across Africa and global markets.
Afreximbank’s contribution constitutes the largest single share in the syndicate, underscoring its leadership in mobilising capital for the continent’s industrial development, import substitution, intra-African trade in refined products, and energy security.
The bank has been a longstanding financial partner to the refinery since it began operations in February 2024, having previously provided a US$1 billion working capital facility.
Afreximbank has also served as Financial Adviser on the Naira-for-Crude initiative, a scheme designed to facilitate crude oil purchases and refined product sales in local currency, thereby reducing dependence on foreign exchange.
Speaking during a strategy engagement between the bank’s Board of Directors and the leadership of the Dangote Group in Cairo, 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.”
Dr Elombi added that there was nothing more rewarding than investing in African enterprises, stressing that empowering them was imperative for the continent’s self-sustainability. He noted: “Afreximbank and its Board of Directors stand ready to support the realisation of Dangote Group’s aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times.”
The bank described the transaction as a powerful statement of its commitment to transformative, indigenous industrial projects reshaping Africa’s economic future. It said the Dangote Refinery stood as “a bold symbol of what African ambition, African capital and African execution can achieve at scale”.
Mr Aliko Dangote, president and chief executive of Dangote Industries Limited, 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 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, which the bank said reflected continued confidence in the refinery as a transformative industrial asset and in Africa’s wider industrialisation agenda.
