The transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex with a capacity of 650,000 barrels per day.
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).
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’s operational status and long-term growth plan.
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’s financial position, and support the refinery as a strategic supplier of refined petroleum products to Africa and the global market.
Afreximbank’s participation of US$2.5 billion is the largest share in the syndicate and underscores the Bank’s leadership in mobilising capital to support Africa’s industrialisation, advancing import substitution, promoting intra-African trade in refined petroleum products, and strengthening energy security.
Since the commencement of refining operations in February 2024, Afreximbank has supported the refinery with a US$ 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.
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:
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