Afreximbank Underwrites Dangote Refinery Loan
Analysis based on 28 articles · First reported Mar 31, 2026 · Last updated Apr 03, 2026
The $4 billion syndicated loan, largely underwritten by African Export–Import Bank, significantly strengthens the financial position of Dangote Petroleum Refinery, enabling its continued growth and expansion. This development is positive for the African energy market, as it enhances energy security and reduces import dependence, potentially boosting investor confidence in large-scale industrial projects across the continent.
African Export–Import Bank has underwritten $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals. This five-year facility, co-arranged with Access Bank Group, aims to consolidate existing debt, optimize the refinery's capital structure, and support its long-term growth. The transaction is a major milestone for Dangote Petroleum Refinery, Africa's largest refining and petrochemical complex, which commenced operations in February 2024. African Export–Import Bank's substantial participation underscores its commitment to promoting industrialization, reducing reliance on imported petroleum products, and deepening intra-African trade. George Elombi, President and Chairman of the Board of Directors of African Export–Import Bank, highlighted the bank's long-standing support, having invested approximately $15 billion in Dangote Group since 2015. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, emphasized the financing's importance for the refinery's next phase of expansion. The syndicated loan attracted strong interest from various financial institutions, reflecting confidence in Dangote Petroleum Refinery as a transformative industrial asset for Africa's energy security and industrialization.
Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.
Open Dashboard