A detailed view of an oil refinery in Africa, highlighting the industrial complex with pipelines and storage tanks.
Dangote Petroleum Refinery and Petrochemicals has locked in a $1 billion underwriting program ahead of its planned initial public offering, strengthening the financial foundation for the refinery’s next phase of development. The arrangement was structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, which are serving as the refinery’s co-financial advisers. The program combines a completed and funded $600 million private placement with a further $400 million underwriting commitment to support the anticipated IPO. Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group, will serve as the underwriter. The deal brings together the capital markets expertise of the two advisory firms and provides Dangote Refinery with substantial investor backing as it prepares for the public offering.