The African Export-Import Bank (Afreximbank) says it has underwritten $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals (DPRP) FZE.
A syndicated term loan is a large-scale financing
arrangement where a group of lenders (the syndicate) jointly provides funds to
a single borrower under one loan agreement, organised by a lead bank.
In a statement on Tuesday, the bank said Afreximbank and
Access Bank have been designated as co-mandated lead arrangers for the
five-year facility.
According to the statement, they will “optimise its capital
structure and align with the refinery’s operational status and long-term growth
plan”.
“African Export-Import Bank (Afreximbank) 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),” the statement reads.
“The transaction marks a major milestone for DPRP, Africa’s
largest refinery and petrochemical complex with a capacity of 650,000 barrels
per day.”
According to the bank, the facility will improve balance
sheet flexibility, reinforce the company’s financial strength, and support the
refinery in its role as a strategic supplier of refined petroleum products to
Africa and global markets.
Afreximbank said its participation of $2.5 billion is the
largest share in the syndicate, underscoring its leadership in funding Africa’s
industrialisation, boosting local production, promoting intra-African refined
fuel trade, and enhancing energy security.
“Since the commencement of refining operations in February
2024, Afreximbank has supported the refinery with a US$ 1 billion working
capital facility, as well as acting as Financial Adviser on the Naira-for-Crude
initiative which is facilitating the purchase of crude oil and sale of refined
product in local currency eliminating the dependence on foreign currency,”
Afreximbank said.
‘AFREXIMBANK, LARGEST FINANCIER OF DANGOTE REFINERY’
Commenting on the development during a strategy engagement
session between the leadership of both organisations in Cairo, Egypt, George
Elombi, president and chairman of the board of directors of Afreximbank, said
the “bank takes 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,”
Elombi said.
“This is why we are pleased to have invested about US$15
billion in the Dangote Group since 2015.”
He said there was nothing more rewarding than investing in
African enterprises, adding that empowering them was imperative for the
continent’s self-sustainability.
“Afreximbank and its Board of Directors stand ready to
support the realisation of Dangote Group’s 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,” Elombi
said.
“This transaction makes a powerful statement about
Afreximbank’s commitment to backing transformative and indigenous industrial
projects that are reshaping Africa’s 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’s energy security, reducing dependence on imports and opening new
frontiers for intra-African trade and industrial development.”
He added that Afreximbank was proud to support the milestone
and Africa’s path to greater self-sufficiency, resilience, and prosperity.
Aliko Dangote, president of the Dangote Industries Limited,
said the financing marks an important step in strengthening the financial
foundation of the refinery “and positions the business for the next phase of
its growth”.
“We appreciate Afreximbank’s continued support and
confidence in our vision to build world-class industrial capacity that serves
Nigeria, Africa and global markets,” he said.
“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’s broader industrialisation agenda.”
On August 4, 2025, the Afreximbank signed a $1.35 billion
financing facility with Dangote refinery.
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