By By Elizabeth Ugbo
Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) has secured $1 billion in underwriting backing from Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group ahead of its planned initial public offering (IPO), as the firms seek to attract African and Caribbean investors to the refinery.
$600m Private Placement Completed
The $1 billion programme consists of a $600 million private placement and a $400 million underwriting commitment for the planned IPO.
Marob Strategies and Lilium Capital said they coordinated the sell-down of the $600 million underwriting participation.
They are also engaging sovereign wealth funds, governments and institutional investors.
In addition, the firms are targeting other eligible investors across Africa and the Caribbean.
The completed private placement represents the first phase of the underwriting programme.
$400m IPO Underwriting Commitment
The remaining $400 million supports the planned IPO.
However, DPRP has not launched the IPO as of the announcement date.
The underwriting commitment remains subject to market conditions and regulatory approvals.
It also depends on definitive documentation and compliance with securities laws.
The Pan-African Refinery Investment SPV, a Lilium Capital subsidiary, serves as the underwriter.
The programme combines the advisory and capital markets expertise of both firms.
Dangote Highlights Capital Market Confidence
Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, welcomed the development.
He described the private placement as an important milestone for DPRP and African capital markets.
Dangote said the completed placement demonstrates confidence in the refinery’s strategic importance.
He also linked the $400 million commitment to the planned IPO.
According to him, the initiative could broaden investor participation in the refinery.
He added that the advisers created a platform for wider participation.
The platform targets African and Caribbean sovereign wealth funds, governments and institutional investors.
Firms Target Global Africa Investors
Professor Benedict Okey Oramah, Chairman of Marob Strategies and Consulting DIFC Ltd, discussed the investment strategy.
He said Marob Strategies would focus on disciplined distribution across Global Africa.
The firm is engaging sovereign wealth funds, governments and institutional investors.
Oramah said investor interest shows strong appetite for African-led capital markets transactions.
He added that such transactions can provide access to transformative assets across Africa.
Lilium Capital Seeks Wider Institutional Participation
Simon Tiemtoré, Chairman of Lilium Capital Group, also welcomed the mandate.
He said the agreement reflects Lilium Capital’s commitment to African investment opportunities.
According to him, the firm aims to connect African assets with institutional investors.
The strategy covers Global Africa and international markets.
The initiative could therefore expand access to long-term institutional capital.
Supporting Africa’s Industrial Growth
The advisers said the programme supports broader industrial and capital market development.
They also highlighted the role of long-term capital in strategic infrastructure.
One statement noted that the funding could support industrialisation across the continent.
It could also strengthen capital markets and promote sustainable economic growth.
The development comes as investors continue to seek major African infrastructure opportunities.
For DPRP, the planned IPO could provide another avenue for institutional investment.
