Dangote Petroleum Refinery has raised $750m through an international bond offering carrying a 7.5 per cent fixed coupon, marking the company's latest access to global capital markets as it expands operations at Africa's largest refinery.
The senior unsecured notes were issued at par and will mature on 16 July 2031, arranged jointly by J.P. Morgan, Bank of America Merrill Lynch and Standard Chartered Bank as a Rule 144A private placement targeted at institutional investors in the United States and other eligible markets.
Pricing on the notes came in marginally below the 7.875 per cent yield on Nigeria's own June 2031 sovereign Eurobond, as at the Debt Management Office's closing prices for 30 June 2026, indicating that investors priced Dangote's corporate risk close to, and in this case slightly inside, the federal government's own borrowing cost on the international market.
The offering carries a minimum subscription of $200,000, with additional purchases in increments of $1,000. Interest will accrue from 16 July 2026 and be paid semi-annually, with the first coupon due on 16 January 2027. The bond also includes a make-whole call option running until July 2028, giving the refinery the option to redeem the notes early.
Dangote Refinery has yet to disclose how the proceeds will be deployed.
The refinery, with a nameplate capacity of 650,000 barrels per day, is Africa's largest single-train refinery and has become a major supplier of petrol, diesel, aviation fuel and other refined products to Nigeria and several African markets, underscoring the scale of the asset now drawing fresh international investor interest.