Business

Afreximbank Strengthens Dangote Refinery with US$1.35 Billion Loan

“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa, ” said Aliko Dangote.

Published

11 months ago

August 5, 2025

OCHEFA

627 Views

• Aliko Dangote and Benedict Oramah

African Export-Import Bank (Afreximbank) has contributed US$1.35 billion of the US$4 billion syndicated financing arrangement for Dangote Industries Limited (DIL) to refinance the Dangote Petroleum Refinery and Petrochemicals Complex.

Commenting on the development, Professor Benedict Oramah, President & Chairman of Board of Directors at Afreximbank, said:“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within.

“It is only when African institutions lead the way that others can follow.

The journey to utilise African resources for its own economic transformation is well underway.

Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”

Aliko Dangote, President/Chief Executive, Dangote Industries Limited, added:“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within.

“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa, ” said Aliko Dangote.

Afreximbank acted as the Mandated Lead Arranger, for the syndication.

This financing— one of the largest syndicated loans in recent African financial markets—will refinance capital expended on constructing

The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.

Afreximbank contributed US$1.35 billion, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialization, energy security, and intra-African trade.

Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions—for crude supply and product offtake—ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention.

Related Topics:Afreximbank's syndicated loan for dangote refinery Featured

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

5 hours ago

June 30, 2026

Charles Flames

22 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

9 hours ago

June 30, 2026

OCHEFA

18 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”