Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) has reached a major milestone in its path toward a public listing, with financial advisers Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group announcing the successful completion of a $1 billion underwriting programme in support of the company’s planned initial public offering (IPO). If it proceeds, the listing is expected to rank among the largest IPOs in African history.
What’s Been Completed
The two firms, acting as co-financial advisers and structuring agents for DPRP, confirmed that a $600 million private placement has already been funded. That forms the first phase of the broader $1 billion programme, which also includes a further $400 million underwriting commitment earmarked for the IPO itself.
Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital, is serving as underwriter for the programme. The remaining $400 million commitment will only be activated once the IPO formally launches, and remains contingent on market conditions, corporate and regulatory approvals, and the completion of definitive legal documentation.
Marob Strategies and Lilium Capital say they are now coordinating a sell-down of the underwriting participation tied to the completed $600 million placement, targeting African and Caribbean sovereign wealth funds, governments, and other institutional investors.
Industry Reaction
Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said:
“This is an important milestone for DPRP and for African capital markets. The successful completion of the private placement, together with the US$400 million underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role. The work undertaken by Marob Strategies and Lilium Capital has also created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.”
Professor Benedict Okey Oramah, Chairman of Marob Strategies and Consulting DIFC Ltd, said:
“As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition. Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors. The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future.”
Mr Simon Tiemtoré, Chairman of Lilium Capital Group, said:
“This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets. By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent. We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa.”
Why It Matters for Kenya
The refinery is expected to be built near Mombasa, positioning Kenya as a potential hub for the project’s economic and industrial spillover effects — from job creation to broader regional trade integration under the African Continental Free Trade Area (AfCFTA) framework.
Brian Kiai, CEO of Marob Strategies and a Kenyan national, has been named as a company spokesperson available to discuss the deal’s implications for the region.
What Comes Next
No IPO has formally launched as of this announcement. The advisers stress that any future public offering remains subject to regulatory clearance and market conditions, and that completion of the private placement should not be taken as confirmation that the IPO will proceed.