The package includes a funded $600m private placement and a further $400m underwriting commitment ahead of the planned listing

Aliko Dangote’s Dangote Petroleum Refinery and Petrochemicals has secured a $1 billion underwriting programme ahead of its planned Initial Public Offering, marking a significant step towards opening the landmark Nigerian energy asset to broader institutional investment.

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The programme, announced on Tuesday, August 18, 2026, comprises a completed and funded $600 million private placement and an additional $400 million underwriting commitment arranged by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group.

According to a statement by Dangote Group, the $600 million private placement has been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.

Marob Strategies and Lilium Capital are now coordinating the distribution of the remaining underwriting participation across Global Africa, targeting sovereign wealth funds, governments, institutional investors and other eligible investors.

The development strengthens the outlook for the Dangote Refinery IPO, while potentially widening participation in one of Africa’s most prominent industrial assets.

Dangote Industries Limited President and Chief Executive Officer, Aliko Dangote, described the transaction as an important milestone for the refinery and African capital markets.

“This is an important milestone for DPRP and for African capital markets,” Dangote said.

He said the successful private placement and the additional underwriting commitment reflected investor confidence in the refinery’s strategic importance.

“The successful completion of the private placement, together with the $400m underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role,” he said.

Dangote added that the transaction would create opportunities for wider participation by African and Caribbean sovereign wealth funds, governments and institutional investors.

The advisers said investor response had been strong, pointing to growing institutional appetite for large-scale African assets with the potential to generate long-term economic value.

The programme is also expected to encourage greater intra-African capital flows and contribute to the development of a more integrated African capital market, particularly within the framework of the African Continental Free Trade Area.

For Marob Strategies, the transaction represents a broader opportunity to demonstrate the capacity of African-led capital markets to mobilise funding for major infrastructure and industrial projects.

Chairman of Marob Strategies, Professor Benedict Okey Oramah, said the level of interest showed that institutional investors were increasingly looking for exposure to transformative African assets.

“As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition,” Oramah said.

He added that the firm was focused on disciplined distribution across Global Africa while engaging sovereign wealth funds, governments and institutional investors.

“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent,” he said.

Lilium Capital Group Chairman Simon Tiemtoré also described the mandate as part of the firm’s strategy of connecting major African opportunities with institutional investors across the continent and international markets.

“This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets,” Tiemtoré said.

He said mobilising long-term capital for strategic assets such as the Dangote refinery would support industrialisation, strengthen African capital markets and contribute to sustainable economic growth.

The latest development comes as the Dangote refinery continues to expand its role in Nigeria’s downstream petroleum sector following the commencement of large-scale refined petroleum production.

With a stated capacity of 650,000 barrels per day, the refinery has become a major component of Nigeria’s strategy to reduce dependence on imported refined petroleum products while developing domestic refining capacity.

A successful public offering would provide a new avenue for institutional investors to participate in the refinery’s future growth while potentially deepening Nigeria’s capital market.

The $1 billion programme does not, however, represent the final value or size of the planned IPO itself.

The announced package consists of the completed $600 million private placement and a further $400 million underwriting commitment intended to support the eventual offering.

Marob Strategies and Lilium Capital are expected to continue discussions with eligible investors as the transaction progresses.

The advisers said the strong response so far could provide a powerful signal for future African capital-markets transactions involving large strategic assets.

For Dangote, the development offers more than additional funding.

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It creates a potential pathway for broader African and international ownership of an asset that has become central to Nigeria’s industrial and energy ambitions.