The Dangote Refinery secured $1 billion in an underwriting program from two firms, forming part of the company’s push towards an initial public offering this year.
The amount consists of a $600 million participation in the refinery’s $2.5 billion private placement and a new $400 million commitment that will go into effect when the IPO launches, the firms said.
Dangote’s pursuit of an IPO comes amid the expansion of its 650,000-barrel per day plant, which has become the main domestic supplier of refined fuels to the Nigerian market, as well as exporting jet fuel to Europe. The company’s fortunes have been boosted by the global oil-supply shock tied to the Iran war.