Nigeria, July 23 -- Dangote Petroleum Refinery and Petrochemicals has raised approximately $2.5 billion in fresh equity after successfully concluding a private placement that was 3.7 times oversubscribed, the company said in a statement on Thursday.

The company described the placement as Africa's largest publicly disclosed primary equity private placement by value, affirming that the transaction resulted in the issuance and allotment of about $2.5 billion in new equity and represents the refinery's first capital raise involving external investors beyond its existing shareholder base.

"Dangote Petroleum Refinery and Petrochemicals FZE ("DPRP" or the "Enterprise") today announces the successful completion of its landmark Private Placement...