Dangote targets $1 billion to finance mega-refinery expansion

Dangote FZE, Africa's largest crude oil refinery, plans to raise up to $1 billion through a private bond placement for foreign investors. An accompanying private equity placement has already attracted $2 billion in demand, including $100 million from Nigerian billionaire Femi Otedola, valuing the refinery at $39.1 billion. The funds will finance capacity expansion to 1.4 million barrels per day by 2028 and a 2,500-km pipeline from Namibia. The refinery reached 700,000 bpd on June 4, 2026, and became the world's top jet fuel exporter.