Ahead of its planned Initial Public Offering, Dangote Petroleum Refinery and Petrochemicals on Tuesday, 18 August, 2026 announced that it secured $1billion underwriting programme, reports thegazellenews.com.
The programme, according to the refinery, is structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed and funded $600 million private placement and a further $400 million underwriting commitment in support of the refinery’s planned IPO.
The Dangote Group, which confirmed the development through a statement on Tuesday, 18 August, 2026, said the $600 million private placement had been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.
According to the statement, Marob Strategies and Lilium Capital are now coordinating the distribution of the underwriting participation across Global Africa, engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
The response, according to the advisers, has been strong, reflecting growing institutional appetite for large-scale African assets capable of generating long-term economic value.
The group added that the programme is also expected to catalyse significant intra-African capital flows and help pave the way towards a more integrated African capital market under the auspices of the African Continental Free Trade Area.
The said further in the statement that President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the transaction as an important milestone for both the refinery and African capital markets.
“This is an important milestone for DPRP and for African capital markets,” Dangote said, adding that the transaction reflected confidence in the refinery’s strategic role and created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.
“The successful completion of the private placement, together with the $400 million underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role.
“The work undertaken by Marob Strategies and Lilium Capital has also created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa,” he said.
Chairman of Marob Strategies, Professor Benedict Okey Oramah, according to the statement, said the transaction demonstrated the appetite for African-led capital markets transactions providing access to transformative assets on the continent.
“As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition. Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future,” he said.
The Chairman of Lilium Capital Group, Simon Tiemtoré, also described the mandate as part of the firm’s effort to connect major African opportunities with institutional investors across Global Africa and international markets.
“This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.
“By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent. We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa,”Tiemtore said.
