Dangote Refinery Secures $1 Billion Underwriting Ahead of Landmark IPO

Dangote Petroleum Refinery has secured a $1 billion underwriting programme and a separate $400 million commitment as it advances toward what could be Africa's largest-ever initial public offering. Afreximbank and other key backers, including Simon Tiemtoré, are reported to be structuring the listing, building on the $2.5 billion private placement the company reportedly closed on August 18.