Lagos: The Dangote Petroleum Refinery and Petrochemicals has secured a $1 billion underwriting programme ahead of its planned Initial Public Offering. The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed and funded $600 million private placement and a further $400 million underwriting commitment in support of the refinery's planned IPO.
According to Ghana Web, the Dangote Group stated that the $600 million private placement has been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. The statement further explained that Marob Strategies and Lilium Capital are now coordinating the distribution of the underwriting participation across Global Africa, engaging sovereign wealth funds, governments, institutional investors, and other eligible investors.
The response, as noted by the advisers, has been strong, reflecting growing institutional appetite for large-scale African assets capable of generating long-term economic value. The programme is also expected to catalyse significant intra-African capital flows and help pave the way towards a more integrated African capital market under the auspices of the African Continental Free Trade Area.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the transaction as an important milestone for both the refinery and African capital markets. Dangote emphasized that the transaction reflected confidence in the refinery's strategic role and created a platform for broader participation by African and Caribbean sovereign wealth funds, governments, and institutional investors across Global Africa.
Chairman of Marob Strategies, Professor Benedict Okey Oramah, stated that the transaction demonstrated the appetite for African-led capital markets transactions providing access to transformative assets on the continent. He expressed pride in the work undertaken by the management team at Marob Strategies and highlighted their focus on disciplined distribution across Global Africa.
Chairman of Lilium Capital Group, Simon Tiemtor©, described the mandate as part of the firm's effort to connect major African opportunities with institutional investors across Global Africa and international markets. He emphasized Lilium Capital's commitment to linking world-class African opportunities with institutional investors.