Dangote Refinery raises $2.5 billion in Africa’s largest private equity placement
The announcement of private placement by the Refinery came about a month after Nigeria’s Securities and Exchange Commission (SEC) warned Nigerians and investors against participating in a purported initial public offering (IPO) of the Dangote Petroleum Refinery, saying no application for such an offer has been submitted to or approved by the regulator.
Meanwhile, in May, Femi Otedola, the chairman and biggest shareholder of financial services group First HoldCo Plc, during a tour of the Dangote Refinery, announced that he hopes to invest $100 million in the proposed private placement of Dangote Petroleum Refinery.
Speaking on the development, the President of Dangote Industries Limited and Chairman of Dangote Petroleum Refinery, Aliko Dangote, described the transaction as an important step in broadening the company’s shareholder base while supporting its expansion plans.
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