Dangote refinery secures $1 billion underwriting for planned IPO
The Dangote Petroleum Refinery and Petrochemicals has secured a $1 billion underwriting program in preparation for its planned Initial Public Offering. This program, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, includes a completed and funded $600 million private placement and an additional $400 million underwriting commitment. The $600 million private placement was underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. Marob Strategies and Lilium Capital are coordinating the distribution of underwriting participation across Global Africa, engaging sovereign wealth funds, governments, institutional investors, and other eligible investors. Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, stated that this transaction is an important milestone for both the refinery and African capital markets, reflecting confidence in the refinery's strategic role. Professor Benedict Okey Oramah, Chairman of Marob Strategies, noted that the transaction demonstrates the appetite for African-led capital market transactions that provide access to transformative assets on the continent. Simon Tiemtor茅, Chairman of Lilium Capital Group, added that this mandate aligns with their effort to connect major African opportunities with institutional investors across Global Africa and international markets, supporting industrialization and sustainable economic growth.
