Photo from left: Governor, Central Bank of Egypt and Board Member, Afreximbank, Hassan Elsayed Hassan Abdalla; President and Chairman of the Board of Directors, Afreximbank, Dr George Elombi; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; and former President and Chairman of the Board of Directors, Afreximbank, Prof Benedict Oramah.
” African Export-Import Bank has committed about $15 billion to Dangote Group since 2015 -2026.”
This was disclosed by the President and Chairman of the Board of Directors of Afreximbank, George Elombi, during the signing ceremony of $2.5 billion out of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, held recently in Cairo, Egypt.
The five-year facility, arranged alongside Access Bank as co-Mandated Lead Arrangers, is aimed at strengthening the refinery’s financial position and supporting its long-term growth and expansion strategy.
Elombi said that Afreximbank’s $2.5 billion participation represents the largest share of the syndicate, underscoring its strategic role in mobilising capital for industrial projects across the continent.
Elombi emphasised that since the Dangote refining operations commenced in February 2024, Afreximbank has played a key role in supporting the project, including providing a $1 billion working capital facility and acting as financial adviser on the Naira-for-Crude initiative, which facilitates crude procurement and product sales in local currency.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a critical step in positioning the refinery for its next phase of expansion.
“We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets,” said Dangote.
