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Dangote secures $4 billion syndicated refinancing led by Afreximbank

Afreximbank leads a syndicated financing for the Dangote refinery, including $1.35 billion of its own contribution, to ease debt and stabilise operations at the Nigerian oil complex.

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African Export-Import Bank (Afreximbank) announced a $1.35 billion financing on August 4, as part of a syndicated refinancing totalling approximately $4 billion for Dangote Industries Limited (DIL). The transaction covers the Lekki refinery and petrochemical complex in Nigeria, owned by industrialist Aliko Dangote. Afreximbank acts as the mandated lead arranger and is the largest contributor to the participating banking syndicate.

Financial support to stabilise operations
The financing aims to cover part of the construction costs and support the initial operating expenses of the facility, which has a capacity of 650,000 barrels per day. This makes the Dangote refinery the largest in the world in a single-train configuration. Since its launch in January 2024, the project has received consistent support from Afreximbank, notably for crude oil supply and the purchase of refined products.

In February 2025, Fitch Ratings withdrew all ratings for DIL for “commercial reasons” after placing the company on negative watch. At that time, DIL faced $2 billion in senior syndicated debt and $1.65 billion in intragroup loans payable on demand. This situation raised concerns over the group’s liquidity and short-term financial viability.

A lever to restore market confidence
The new refinancing is expected to improve DIL’s liquidity profile and strengthen creditor confidence. In addition to its oil operations, the group is active in cement, fertilisers, and sugar, making it one of the most diversified conglomerates in Africa.

“This refinancing strengthens our balance sheet and accelerates the supply of refined petroleum products across the continent,” said Aliko Dangote, President and Chief Executive Officer of DIL. Afreximbank President Benedict Oramah stated that “this type of transaction illustrates the ability of African institutions to finance their own development.”

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