{"id":9074,"date":"2026-04-02T13:32:02","date_gmt":"2026-04-02T13:32:02","guid":{"rendered":"https:\/\/eandelmagazine.com\/eandelmagazine\/?p=9074"},"modified":"2026-04-02T13:32:02","modified_gmt":"2026-04-02T13:32:02","slug":"afreximbank-backs-2-5bn-of-4bn-syndicated-loan-for-dangote-petroleum-refinery-and-petrochemicals","status":"publish","type":"post","link":"https:\/\/eandelmagazine.com\/eandelmagazine\/afreximbank-backs-2-5bn-of-4bn-syndicated-loan-for-dangote-petroleum-refinery-and-petrochemicals\/","title":{"rendered":"Afreximbank Backs $2.5bn of $4bn Syndicated Loan for Dangote Petroleum Refinery and Petrochemicals"},"content":{"rendered":"

The transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex with a capacity of 650,000 barrels per day.<\/em><\/p>\n

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is pleased to announce that it has underwritten US$2.5 billion in the US$4-billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).<\/p>\n

Afreximbank and Access Bank were appointed co-Mandated Lead Arrangers for the five-year facility to consolidate existing financing, optimise its capital structure and align with the refinery\u2019s operational status and long-term growth plan.<\/p>\n

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The transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex with a capacity of 650,000 barrels per day. The facility will enhance balance sheet flexibility, strengthen the company\u2019s financial position, and support the refinery as a strategic supplier of refined petroleum products to Africa and the global market.<\/p>\n

Afreximbank\u2019s participation of US$2.5 billion is the largest share in the syndicate and underscores the Bank\u2019s leadership in mobilising capital to support Africa\u2019s industrialisation, advancing import substitution, promoting intra-African trade in refined petroleum products, and strengthening energy security.<\/p>\n

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Since the commencement of refining operations in February 2024, Afreximbank has supported the refinery with a US$ 1 billion working capital facility, as well as acting as Financial Adviser on the Naira-for-Crude initiative\u00a0 which is facilitating the purchase of crude oil and sale of refined product in local currency eliminating the dependence on foreign currency.<\/p>\n

Commenting on the development during a strategy engagement session between the Board of Directors of Afreximbank and the leadership of Dangote Group in Cairo, Egypt, Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, said:<\/p>\n

\u201cWe take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African. When we invest in ourselves, we do more than create jobs and wealth or expand government revenues; we build a secure and resilient future for our continent. This is why we are pleased to have invested about US$15 billion in the Dangote Group since 2015.<\/p>\n

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Dr. Elombi stressed that there was nothing more rewarding than investing in African enterprises, emphasising that empowering them was imperative for the continent\u2019s self-sustainability.\u00a0 He noted, \u201cAfreximbank and its Board of Directors stand ready to support the realisation of Dangote Group\u2019s aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times.\u201d<\/p>\n

This transaction makes a powerful statement about Afreximbank\u2019s commitment to backing transformative and indigenous industrial projects that are reshaping Africa\u2019s economic future. The Dangote Refinery stands as a bold symbol of what African ambition, African capital and African execution can achieve at scale. Beyond expanding refining capacity, it is strengthening the foundations of Africa\u2019s energy security, reducing dependence on imports and opening new frontiers for intra-African trade and industrial development. Afreximbank is proud to stand alongside this historic achievement and to continue supporting the continent\u2019s journey towards greater self-sufficiency, resilience and prosperity.\u201d<\/p>\n

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Mr. Aliko Dangote, President\/Chief Executive, Dangote Industries Limited, on his part, said: \u201cThis financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth. We appreciate Afreximbank\u2019s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.\u201d<\/p>\n

The syndicated term loan attracted strong interest from a consortium of African and international financial institutions, reflecting continued confidence in the Dangote Petroleum Refinery as a transformative industrial asset and in Africa\u2019s broader industrialisation agenda.<\/p>\n

SOURCE: Afreximbank<\/strong><\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

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