Dangote Refinery Secures $1 Billion Underwriting for Planned IPO

Dangote Petroleum Refinery has secured a $1 billion underwriting programme to back its planned initial public offering, marking a major milestone for what could become the largest share sale ever conducted on an African stock exchange. The announcement was made on August 18, 2026, by the refinery's financial advisers, Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group. The programme consists of a completed and funded $600 million private placement and a $400 million commitment to support the public offering. The advisers stated that PanAfrican Refinery Investment SPV, a subsidiary of Lilium Capital, has underwritten and funded the private placement component. The $400 million commitment will only become active upon the launch of the IPO and is contingent on market conditions, regulatory approvals, and final documentation. This financial backing provides a safety net, ensuring investor capital is available for the sale. The IPO itself is targeting a raise of approximately $5 billion, according to a source with knowledge of the plans. This figure would set a record for an African exchange.