Leading African financier reveals role in Dangote's oil refinery, discloses over $4b investment
Afreximbank has provided financial support exceeding $4 billion to the Dangote Refinery and Petrochemical Industry.
The bank reported financial growth, with assets and guarantees increasing to $43.5 billion by April 2025 and net income rising to $1 billion.
Afreximbank has disbursed significant investment across Africa, reaching $120 billion between 2020 and 2025 to boost regional production.
The President and Chairman of the Board, Prof. Benedict Oramah, made the announcement during the closing session of the bank's 32nd Annual Meetings on Friday.
He said the intervention was made possible through what he termed ' African Best Practice,' which allowed the bank to step in when others could not.
'That was why, when others could not, we were able to directly and indirectly support the Dangote Refinery and Petrochemical Industry with over $4 billion,' he stated.
Now operational, the refinery is helping Nigeria reduce petroleum import costs by $10 to $12 billion annually, increasing value-added exports, and building a strong industrial foundation.
Oramah also reflected on Afreximbank's wider continental efforts, stating that the bank has invested about $120 billion across Africa and the Caribbean between 2020 and May 2025.
He added that $50 billion was disbursed between 2022 and 2023 alone to strengthen internal production capacity and reduce dependence on Black Sea supplies.
Over the past decade, total investments have reached $155 billion. The bank's assets and guarantees grew more than eightfold, reaching $43.5 billion by April 2025, while revenue increased from $408 million in 2015 to $3.24 billion.
Net income also jumped to $1 billion, up from $125 million, and shareholders' funds climbed to $7.5 billion. Oramah credited this growth to consistent reinvestments, noting that 50–70% of dividends were reinvested annually.
Nigeria's Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the country has benefited significantly from Afreximbank's financing, with both the Dangote Refinery and several small and medium-sized enterprises receiving support under Oramah's leadership.
Nigeria's Share in Afreximbank's Energy Commitments
As of 2024, Nigeria accounted for around 60% of Afreximbank's $30 billion funding for Africa's energy sector. In addition, the bank committed $3 billion in April 2025 to support intra-African trade in refined oil products, a move aimed at cutting the continent's dependence on imported fuel.
Despite these gains, experts warn that Nigeria's full benefit depends on increasing crude oil production and refining output. While the Dangote Refinery is a major step, sustained value will require broader improvements in the country's energy capacity.
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