Afreximbank Anchors $2.5bn of Fresh $4bn Dangote Refinery Syndicated Loan

• Aliko: Move positions our business for next phase of  growth 

•Bank committed $15bn to Dangote Group since 2015, says board chair 

•Cairo-based lender raises $2bn to refinance existing facilities in its biggest-ever syndicated loan

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

African Export-Import Bank (Afreximbank) yesterday announced that it had underwritten $2.5 billion in a $4 billion syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals, in a major financing deal aimed at strengthening Africa’s largest refining and petrochemical complex.

Afreximbank disclosed in a statement that the Cairo-based lender and Access Bank were appointed co-mandated lead arrangers for the five-year facility, which is designed to consolidate existing financing, optimise the refinery’s capital structure, and align funding with its operational phase and long-term expansion plans.

The Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, is widely regarded as Africa’s most ambitious refining project. The new facility is expected to enhance its balance sheet flexibility, strengthen its financial position, and support its role as a key supplier of refined petroleum products across Africa and global markets.

Afreximbank stated that its $2.5 billion participation represents the largest share in the syndicate, reinforcing its position as a central financier of large-scale African industrial projects.

Besides, the bank said the deal aligns with its broader mandate of supporting import substitution, expanding intra-African trade in refined products, and strengthening the continent’s energy security architecture.

Since the refinery began operations in February 2024, Afreximbank said it has also provided a $1billion working capital facility and acted as financial adviser on the Naira-for-Crude initiative, which facilitates crude purchases and refined product sales in local currency, reducing reliance on foreign exchange in petroleum transactions.

Commenting on the development during a strategy engagement session between the Board of Directors of Afreximbank and the leadership of Dangote Group in Cairo, Egypt, President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi, said the bank has committed about $15 billion in the Dangote Group businesses in the last 11 years.

“We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African. When we invest in ourselves, we do more than create jobs and wealth or expand government revenues; we build a secure and resilient future for our continent. This is why we are pleased to have invested about $15 billion in the Dangote Group since 2015,” he explained.

Elombi stressed that there was nothing more rewarding than investing in African enterprises, emphasising that empowering them was imperative for the continent’s self-sustainability. 

He added: “Afreximbank and its Board of Directors stand ready to support the realisation of Dangote Group’s aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times.”

According to the Africa-based lender, the transaction makes a powerful statement about Afreximbank’s commitment to backing transformative and indigenous industrial projects that are reshaping Africa’s economic future.

“The Dangote Refinery stands as a bold symbol of what African ambition, African capital and African execution can achieve at scale. Beyond expanding refining capacity, it is strengthening the foundations of Africa’s energy security, reducing dependence on imports and opening new frontiers for intra-African trade and industrial development.

“Afreximbank is proud to stand alongside this historic achievement and to continue supporting the continent’s journey towards greater self-sufficiency, resilience and prosperity,” the bank said.

For its part, the Dangote Industries Limited (DIL)  welcomed the financing, describing it as a key milestone in the evolution of the refinery’s financial structure.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the facility positions the business for its next phase of growth and reinforces confidence in its long-term strategy.

According to him, the continued support of Afreximbank reflects strong belief in the refinery’s vision of building world-class industrial capacity capable of serving Nigeria, the wider African continent, and global markets.

“This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth. We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets,” Dangote stated.

The syndicated term loan, according to the bank, attracted strong interest from a consortium of African and international financial institutions, reflecting continued confidence in the Dangote Petroleum Refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.

In the same vein, Afreximbank has raised $2 billion through a three-year dual tranche syndicated loan, its largest-ever such transaction, the bank said.

The issue raised $1.73 billion and 228 million euros, the Cairo-based lender said in a statement, which it will use to refinance existing facilities and general expenditures.

The bank initially aimed to raise $1.5 billion, but lifted the total due to strong investor demand, it said. It did not provide a cost for the loan.

A total of 31 lenders from Europe, the Middle East, Asia and Africa participated in the deal, while Mashreqbank PSC, MUFG Bank and Standard Chartered Bank acted as joint global coordinators, lead arrangers and bookrunners in the transaction.

In the statement, the bank said  the three-year dual tranche syndicated term loan facility, concluded on 9 March 2026, will be used by Afreximbank to refinance existing facilities and for general corporate purposes.

“Initially launched at US$1.5 billion equivalent, the facility was met with strong investor demand, achieving a substantial oversubscription with total commitments of US$2.36 billion equivalent. Lenders were, however, scaled back to the final hold of US$2 billion equivalent,” it added.

Commenting on the transaction, Afreximbank’s Managing Director, Treasury and Markets, and Group Treasurer, Chandi Mwenebungu, stated that the success of the transaction was a clear demonstration of the global investors’ confidence in the bank’s credit story.

“This transaction is the largest ever syndicated facility borrowing by Afreximbank. It is a clear demonstration of the global investors’ confidence in the Bank’s credit story. This, clearly, affirms the Bank’s robust and undisputed access to international markets,” Mwenebungu stated.

The transaction comprised 31 geographically diverse lenders from across Europe, the Middle East, Asia and Africa, the bank added.

“Mashreqbank PSC, MUFG Bank, Ltd., and Standard Chartered Bank acted as Joint Global Coordinators, Initial Mandated Lead Arrangers and Bookrunners on the Facility. Standard Chartered Bank also acted as the Documentation Agent and as the Facility Agent,” it said.

Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the bank said it has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa.

In Nigeria, aside from the Dangote Refinery, AfreximBank has financed a broad portfolio of projects spanning trade infrastructure, healthcare, industry, energy, and finance, including the African Trade Centre,  African Medical Centre of Excellence.

In the area of standards and export competitiveness, the bank has backed African Quality Assurance Centres to help Nigerian products meet international certification requirements, as well as supporting inland waterways development through studies and navigation improvements on the Niger–Benue system.

On the industrial side, Afreximbank is financing export manufacturing and industrialisation programmes across multiple states.

Within the energy sector, the bank has provided large crude-backed financing facilities to the Nigerian National Petroleum Company (NNPC) to support liquidity and operations, while also backing private sector initiatives.