The African Export-Import Bank (Afreximbank) has secured a $1.35 billion financing package for Dangote Industries Limited (DIL) as part of a $4 billion syndicated loan for the Dangote Petroleum Refinery and Petrochemicals Complex.
In a statement on Tuesday, Afreximbank confirmed its role as the Mandated Lead Arranger for the facility, describing it as one of the largest syndicated financing deals in recent African history. The funds will be used to refinance capital previously invested in the construction of the 650,000-barrels-per-day Dangote Refinery.
The bank said the refinancing will ease early operational costs and improve the financial structure of DIL. Afreximbank’s contribution of $1.35 billion represents the largest stake in the syndicate.
President and Chairman of Afreximbank, Professor Benedict Oramah, said the transaction highlights the role of African institutions in financing development on the continent.
President and CEO of Dangote Industries Limited, Aliko Dangote, said the financing will help strengthen the company’s operations and expand petroleum product delivery across Africa.
Since the Dangote Refinery commenced operations in February 2024, Afreximbank has supported the facility through funding for crude oil procurement and product offtake.
The syndicated loan attracted participation from both African and international financial institutions.
Edited by Habeeb Ibrahim
