Lagos, Nigeria – Dangote Petroleum Refinery has been valued at $39.1 billion as the company seeks to raise $1 billion in fresh capital through a private placement of shares.
According to the reports, the refinery is offering 3 billion ordinary shares to investors at a placement price of $0.35 per share. The fundraising exercise attracted strong investor interest, and demand exceeds $2 billion following the close of the indication-of-interest period.
The refinery currently maintains a total share capital of approximately 111.67 billion ordinary shares. Interested investors must meet a minimum subscription threshold of 1 million shares, which requires an investment of $350,000. Additional subscriptions will be accepted in multiples of 500,000 shares.
Furthermore, all participants in the private placement are subject to a 365-day lock-up period from their formal allotment date. The proceeds from the equity sale will fund ongoing expansion projects, storage facilities, logistics infrastructure, and general corporate purposes.
Okay News reports that the facility has a processing capacity of 650,000 barrels per day and commenced commercial production of petroleum products in 2024. Its active operations include the manufacturing of diesel, aviation fuel, naphtha, and premium motor spirit.
The facility is designed to reduce national reliance on imported refined petroleum products while generating new export revenue across regional African markets. Billionaire industrialist Aliko Dangote previously indicated plans to list the refinery on the capital market in the future. The memorandum does not disclose a specific timeline for a public listing on the Nigerian Exchange.
