Taarifa Business Desk has reliably learned that tycoon Aliko Dangote’s refinery unit wants to raise over U$1 billion through a private sale of debt.
Africa’s largest crude processing plant, the Petroleum Refinery & Petrochemicals FZE, plans to target foreign investors for the sale.
Details also indicate the refinery is offering 3 billion ordinary shares at a placement price of U$0.35 per share, with the transaction expected to raise approximately U$1 billion.
The offering was disclosed on Wednesday in Lagos.
The refinery currently has a share capital of approximately 111.67 billion ordinary shares, making this a targeted but strategically significant capital raise aimed at funding expansion rather than covering operational gaps.
The U$39.1 billion valuation from excited investors makes it one of the most valuable privately held industrial assets on the African continent.
The refinery has a processing capacity of 700,000 barrels per day and commenced petroleum product production in 2024, with operations spanning diesel, aviation fuel, naphtha, and premium motor spirit.
