The Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has successfully completed a landmark Private Equity Placement that raised approximately US$2.5 billion in new equity, following a highly successful offering.

The transaction, which is believed to be Africa’s largest publicly disclosed primary equity private placement, marks a significant milestone in the history of the company and demonstrates strong investor confidence in the refinery’s long-term growth strategy and operational excellence. The capital raise is the first equity funding round involving external investors beyond the company’s legacy shareholder base, underscoring the growing attractiveness of DPRP as a world-class energy and industrial enterprise.

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The proceeds from the placement will be deployed to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and enhance financial flexibility to pursue future growth opportunities.

The offering attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners, and individual investors. Notable participants included the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), reflecting deep and diversified confidence in DPRP’s long-term prospects.

Commenting on the successful transaction, Aliko Dangote, President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the placement as a strategic milestone in the company’s evolution.

“This transaction represents a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding as DPRP advances its expansion agenda.
It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security.”

Also speaking on the development, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, said the overwhelming investor response validates the company’s operational performance and growth outlook.

“The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential.”

With the successful completion of the placement, DPRP is well-positioned to accelerate its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity. The strong investor response further reinforces confidence in the company’s vision and its ability to deliver sustainable value over the long term.

The company also acknowledged the contributions of its professional advisers and partners whose expertise and support were instrumental in delivering the successful transaction.

Nigeria’s struggling revenue profile is set for a rise as Brent crude yesterday, rose above $100 a barrel for the first time in nearly two months, hitting $100.69 over escalating attacks on commercial shipping in the Red Sea deepen concerns that the Middle East supply crisis is spreading beyond the Strait of Hormuz.

Nigeria’s 2026 federal budget is anchored on an oil price benchmark of $64.85 per barrel and a daily crude oil production target of 1.84 million barrels per day.

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The latest rise in crude oil price represents a raise of $36.42 per barrel above the projected oil price benchmark of $64.85.

As of mid-morning Thursday, front-month Brent for September delivery was trading at $100.69 a barrel, up more than seven per cent on the day after touching an intraday high of $101.01. WTI was also sharply higher, with the entire Brent forward curve moving higher as traders priced in a greater risk of prolonged supply disruptions.

The latest leg higher follows Houthi claims that the group struck two Saudi oil tankers in the Bab el-Mandeb Strait after declaring a naval blockade of Saudi exports earlier this week. Several vessels have reportedly altered course or delayed transits through the chokepoint, threatening the export route. Saudi Arabia has relied on to bypass disruptions in the Strait of Hormuz.

The move marks another escalation for a market that had spent weeks betting geopolitical risk would ease. Brent has now climbed roughly 20 per cent in about two weeks as repeated attacks on commercial shipping, renewed fighting involving Iran, and mounting export disruptions have steadily erased expectations of a quick return to normal oil flows.

The rally is no longer being driven solely by fears surrounding Hormuz. Kazakhstan has begun cutting oil production after drone attacks shut down tanker loadings at the Caspian Pipeline Consortium terminal on the Black Sea. Indian state refiners have suspended Iraqi crude loadings because of shipping risks through Hormuz. Russian fuel exports remain constrained after months of Ukrainian drone strikes on refineries.

The physical market is tightening alongside futures. Governments around the world have already drawn down hundreds of millions of barrels from strategic reserves since the Middle East conflict began, commercial inventories have fallen sharply, and China has reduced imports by drawing on stockpiles accumulated before the war. Those buffers are steadily disappearing.

Brent’s return to triple digits puts the market back in territory many analysts believed had been avoided after the U.S.-Iran memorandum of understanding briefly reopened hopes that Middle East exports would normalize. Those expectations have unraveled quickly as the conflict has expanded from Hormuz to the Red Sea, placing two of the world’s most important oil shipping routes under simultaneous threat.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared 31 companies as winners of 37 oil and gas blocks under the 2025 Licensing Round.

This followed the successful conclusion of the commercial bid conference on Tuesday in Abuja, despite what the commission described as sustained threats and pressure mounted against members of its evaluation team before the conclusion of the exercise.

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The conference marked the end of an eight-month licensing process, with the winning firms now required to pay their signature bonuses and satisfy other post-award conditions within 90 days or risk forfeiting the assets to reserve bidders.

After the commercial bid conference in Abuja, the Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed that officials involved in evaluating the bids faced repeated intimidation throughout the process but refused to compromise the integrity of the exercise.

She said the threats persisted until the eve of the commercial bid opening. Eyesan said, “It has been a journey… If you have been told anything contrary to the fact that this process was going to be credible and transparent, do not believe it.”

Commending members of the evaluation committee, she added, “The evaluators have worked tirelessly since June 12. They have been inundated with calls and with threats, serious threats, but they stood their ground. Up until yesterday, we were still threatened, but we stood our ground to say that the times have changed. Nigeria is really open for business.”

She said President Bola Tinubu had mandated the commission to ensure a credible process and thanked the evaluators and observers from the Nigeria Extractive Industries Transparency Initiative (NEITI) for supporting the exercise.

The commission announced that 31 companies emerged successful after 143 companies submitted about 200 bids for 37 oil and gas blocks out of the 50 assets offered during the licensing round.

The successful companies include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec Italia.

Others are Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

The commission explained that the successful companies had emerged only as preferred bidders and would receive Petroleum Prospecting Licences (PPL) after meeting all statutory conditions under the Petroleum Industry Act (PIA).

Eyesan urged the winners to immediately commence the post-award process. She said, “These firms will only be presented final awards after the payment of the appropriate signature bonus and the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, 2021.”

She warned that failure to fulfil the post-award conditions within 90 days would invalidate the awards, allowing the commission to invite reserve bidders.

The commission explained that the commercial bid process was designed to eliminate human interference through an automated weighted scoring system. Officials said technical evaluations had been completed before the commercial bids were opened publicly, while no one, including members of the evaluation team, had prior access to the commercial bids.

“The weighted score is 40 per cent. All these things are automated. The computer calculates everything. Nobody is using a pen to write any figures. This demonstrates the transparent, efficient and robust process built into this licensing round,” the commission stated.