Dangote Petroleum Refinery and Petrochemicals has secured a $1 billion underwriting programme from investors ahead of its planned Initial Public Offering (IPO).
The disclosure was contained in a joint press statement issued by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, the refinery’s co-financial advisers, on Tuesday, August 18, 2026.
The programme comprises a completed and funded $600 million private placement and a further $400 million underwriting commitment to support the planned IPO, subject to regulatory and market conditions.
The transaction is expected to broaden investor participation in the refinery while providing additional capital market support for one of Africa’s largest industrial assets.
The financial advisers pointed out that the $400 million IPO underwriting commitment will be implemented upon launch, subject to market conditions, corporate and regulatory approvals, execution of definitive documentation, and compliance with applicable securities laws.
- The advisers said, ‘’Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, appointed by Dangote Petroleum Refinery & Petrochemicals (DPRP) as co-financial advisers and structuring agents for Global Africa, are pleased to announce the successful completion and funding of a $600 million underwritten investment in DPRP’s private placement.
- ‘’This marks the successful completion of the first phase of the refinery’s $1 billion underwriting programme, which supports the private placement and planned initial public offering (“IPO”).
- ‘’The $1 billion underwriting programme comprises the completed and funded $600 million private placement and a $400 million underwriting commitment in support of the planned IPO. Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital, is the underwriter under the programme, which leverages the combined advisory and capital markets capabilities of Marob Strategies and Lilium Capital. The US$400 million IPO underwriting commitment will be implemented upon the launch of the IPO, subject to market conditions, corporate and regulatory approvals, the execution of definitive documentation and compliance with applicable securities laws.’’
- The advisers said Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital, is the underwriter for the programme.
- They added that investor interest from African and Caribbean sovereign wealth funds, governments and institutional investors has been strong and strategically significant.
The advisers said the investor response reflects demand for globally significant industrial assets and transactions that allow African and Africa-linked capital to participate directly in financing the continent’s growth.
