Dangote Refinery on Thursday announced that it has successfully raised $2.5 billion in new equity through a private placement. The refinery disclosed this

Dangote Petroleum Refinery has raised about $2.5 billion through a private equity placement that was oversubscribed by 3.7 times, with the proceeds to fund expansion and strengthen its capital structure.

Aliko Dangote's refinery has raised $2.5 billion through a private share placement after attracting about $4 billion in investor demand, ahead of IPO.