The African Export-Import Bank (Afreximbank) has announced it is underwriting $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) the largest single-train refinery and petrochemical complex in Africa, with a capacity of 650,000 barrels per day.
Afreximbank and Access Bank were appointed co-mandated lead arrangers for the five-year facility, which is designed to consolidate existing financing, optimise the refinery’s capital structure, and align it with the refinery’s operational status and long-term growth plan.
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 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.
Speaking during a strategy engagement session between Afreximbank’s Board of Directors and the Dangote Group leadership in Cairo, Egypt, Afreximbank President George Elombi said the bank has now invested approximately $15 billion in the Dangote Group since 2015.
“We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African,” Elombi said.
“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,” he added.
Dangote Industries President Aliko Dangote said the deal sets the refinery up for its next phase of growth.
“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,” Dangote said.
