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.
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