Dangote Seeks $5bn Afreximbank Financing to Expand Lagos Refinery

Afreximbank’s new president and chairman, George Elombi, says industrialist Aliko Dangote is seeking an additional $5 billion from the bank to expand the Dangote Refinery in Lagos.

Speaking at his investiture ceremony in Cairo, Elombi disclosed that Dangote personally indicated the plan earlier in the day, and that Afreximbank would explore every viable financing avenue. 

“Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery. We have agreed to look for the money wherever it is, including in Afreximbank and your individual accounts. We believe it has to be done,” Elombi told attendees.

Elombi suggested the proposed expansion could double output and potentially reduce prices by up to 50% for Nigeria and West African markets, framing the project as a regional game-changer for fuel supply and trade. The $20 billion complex, financed mainly with Afreximbank support, has been touted as pivotal to Nigeria’s energy security and industrial transformation.

The announcement comes amid ongoing financing activity around the project. In August 2025, Afreximbank approved a $1.35 billion facility to Dangote Industries Limited as part of a $4 billion syndicated refinancing for the 650,000 barrels-per-day refinery and petrochemical complex, billed as the world’s largest single-train refinery.

Elombi used the occasion to outline his strategic priorities: accelerating value addition in Africa’s minerals, advancing the AfCFTA agenda, scaling infrastructure investment, and deepening digital integration.

He warned against external pressures on the continent’s financial sovereignty and reaffirmed the bank’s mandate to finance production and industrialisation. 

Shareholders, he said, have tasked him with growing Afreximbank’s balance sheet to $250 billion within a decade, with some leaders urging a $350 billion ambition, while ensuring measurable development impact.

He also paid tribute to his predecessor, Benedict Oramah, under whose leadership the bank’s assets reportedly grew eightfold to $43.5 billion and revenues to $3.24 billion.

In a goodwill message, Dangote congratulated Elombi, commending his stewardship during Afreximbank’s COVID-19 response and its rapid balance-sheet expansion.

Dangote reiterated the group’s commitment to protecting African trade and production and pledged continued partnership with the bank. “You have my personal support and assurances that, as Dangote Group, we shall be by your side as you lead this new success of our future plan,” he said.