• Aliko Dangote and Benedict Oramah.
Professor Benedict Oramah, President & Chairman of the Board of Directors at Afreximbank (African Export-Import Bank), says that the bank has raised a US$1.35 billion financing facility in favour of Dangote Industries Limited (DIL) for refinancing the Dangote Petroleum Refinery and Petrochemicals Complex.
The facility is part of an approximately US$4 billion syndicated financing arrangement for Dangote Industries Limited (DIL), Africa’s largest industrial conglomerate. Afreximbank acted as the Mandated Lead Arranger, for the syndication.
The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.
” With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. It is only when African institutions lead the way that others can follow,” said Oramah.
He added : ” The journey to utilise African resources for its own economic transformation is well underway.
Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high-quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”
Aliko Dangote, President/Chief Executive, Dangote Industries Limited, added: “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialise Africa from within.
This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa.
The syndicated facility attracted strong participation from leading African and international financial institutions, reflecting enduring confidence in Africa’s industrial potential and Dangote’s vision in transforming Africa”.