Business

Afreximbank Leads $4bn Financing for Dangote Refinery with $2.5bn Commitment

Published

3 months ago

March 31, 2026

194 Views

African Export-Import Bank has underwritten $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, in a move aimed at strengthening the refinery’s financial position and supporting its long-term growth and expansion strategy.

The five-year facility, arranged alongside Access Bank as co-Mandated Lead Arrangers, is designed to consolidate existing debt, optimise the refinery’s capital structure and align its financing with current operational realities.

The transaction marks a significant milestone for the Dangote Refinery, Africa’s largest refining and petrochemical complex with a capacity of 650,000 barrels per day.

Afreximbank’s $2.5 billion participation represents the largest share of the syndicate, underscoring its strategic role in mobilising capital for industrial projects across the continent.

The bank said the financing aligns with its mandate to promote industrialisation, reduce reliance on imported petroleum products and deepen intra-African trade.

Since refining operations commenced in February 2024, Afreximbank has played a key role in supporting the project, including providing a $1 billion working capital facility and acting as financial adviser on the Naira-for-Crude initiative, which facilitates crude procurement and product sales in local currency.

Speaking during a strategy session in Cairo, Egypt, President and Chairman of the Board of Directors of Afreximbank, George Elombi, said the bank’s continued backing reflects confidence in indigenous African enterprises.

“We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African,” he said.

“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”

Elombi disclosed that Afreximbank has committed about $15 billion to Dangote Group since 2015, highlighting the scale of its long-term partnership with the conglomerate.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a critical step in positioning the refinery for its next phase of expansion.

“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,” he said.

“We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.”

The syndicated loan attracted strong participation from a mix of African and international financial institutions, reflecting sustained investor confidence in the refinery as a transformative industrial asset in advancing Africa’s energy security, reducing import dependence and supporting the continent’s broader industrialisation agenda.

Up Next

33 Nigerian Banks Beat CBN’s Recapialisation with ₦4.65trn Combined Capital Base

Don't Miss

BUA Foods Plc Reports Strong 2025 Performance with ₦1.77 Trillion Revenue, Proposes Record ₦28 Dividend per Share

Click to comment

Business

Exchange Rates Today Friday, 12 June

Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850

Published

3 days ago

June 12, 2026

OCHEFA

45 Views

Official CBN Exchange Rates

US Dollar (USD) ₦1,363. 83

Great British Pound (GBP) ₦1,821. 25

EURO (EUR) ₦1,572. 90

SWISS FRANC (CHF) ₦1,706. 49

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦201.20

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,857. 45

SAUDI RIYAL (SAR) ₦363. 29

SOUTH AFRICAN RAND (ZAR) ₦82.61

Black Market Rates

US Dollar (USD) Buy ₦1,397 Sell ₦1,405

Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1,587 Sell ₦1, 607

Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 380 Sell ₦2, 460

Central African CFA Buy ₦2, 220 Sell 2,300

Australian Dollar Buy ₦800 Sell ₦900

Business

Airtel launches data calculator to counter depletion complaints

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

Published

4 days ago

June 11, 2026

OCHEFA

60 Views

Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.

Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.

“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.

The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.

Business

Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

Published

4 days ago

June 11, 2026

OCHEFA

61 Views

Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.

The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.