Africa’s richest man, Aliko Dangote, is seeking an additional $5 billion to expand his multi-billion-dollar refinery in Lagos, according to the new President and Chairman of the Board of the African Export-Import Bank (Afreximbank), George Elombi.
Elombi made the disclosure on Saturday during his inaugural address at Afreximbank’s investiture ceremony in Cairo, Egypt, marking his official assumption of office as the bank’s new chief.
“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 in Afreximbank, in your individual accounts,” Elombi said to laughter from the audience.
He added that the bank would “explore all possible avenues” to raise the funds, emphasizing the transformative potential of the expansion.
“If it is done, it will double his production and cut prices by 50 per cent, maybe for Nigeria and for all the countries along this West African coast. This will be a significant change,” Elombi noted.
The $20 billion Dangote Refinery, described as one of Africa’s most ambitious industrial projects, was largely financed by Afreximbank and stands as the world’s largest single-train refinery, with a production capacity of 650,000 barrels per day.
Elombi said the proposed expansion would significantly enhance fuel supply and reduce costs across the sub-region, reinforcing Nigeria’s role as a key energy hub for West Africa.
Afreximbank’s Growth and Vision
In his remarks, the new Afreximbank president praised his predecessor, Prof. Benedict Oramah, whose decade-long leadership saw the bank’s assets surge more than eightfold to $43.5 billion, revenues rise to $3.24 billion, and shareholders’ funds climb from $1 billion to $7.5 billion.
Elombi outlined his vision for the bank’s next chapter including greater support for value addition in minerals, deeper implementation of the African Continental Free Trade Area (AfCFTA), and increased investment in trade-enabling infrastructure and digital integration.
He also warned against what he described as “coordinated external hostility” targeting Africa’s financial sovereignty, stressing that Afreximbank’s mission was to “finance production and processing, not just trade commodities.”
“How can Africa trade unless it produces? And how can it produce without transforming the very structure of its trade? This structural transformation is not mission drift; it is mission delivery,” Elombi said.
He revealed that Afreximbank shareholders had set him a target to grow the bank’s balance sheet to $250 billion within 10 years, while some African leaders had challenged him to aim for $350 billion a goal he promised to pursue with “sound risk management and measurable impact.”
Dangote’s Endorsement and Partnership
Speaking earlier, Aliko Dangote, President of the Dangote Group, congratulated Elombi on his appointment and praised his leadership record.
Dangote described Afreximbank as a pillar of African industrial growth, highlighting its crucial role in financing his refinery and other strategic projects.
He also pledged his continued partnership with the bank, saying:
“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.”
Dangote lauded Elombi’s “drive, boldness, and commitment,” crediting him for steering the bank through critical moments, including its COVID-19 response across Africa and the Caribbean.
“At the WTO, our Vision 2030 Strategic Plan projects that we will be a $100bn organisation in the next five years. But with you at the helm of Afreximbank, I am confident we will meet that target even sooner,” Dangote said.
Background: Afreximbank’s Financing Role
In August 2025, Afreximbank announced a $1.35 billion financing facility for Dangote Industries Limited (DIL) as part of a larger $4 billion syndicated loan to support the refinery and petrochemical complex. The facility one of the largest in Africa’s financial history was aimed at refinancing initial construction costs and strengthening DIL’s balance sheet for expansion.
Afreximbank served as the Mandated Lead Arranger for the syndication, reaffirming its commitment to advancing Africa’s industrialisation, energy security, and intra-African trade.
With the planned $5 billion expansion now under consideration, industry observers say Dangote’s refinery already a cornerstone of Nigeria’s industrial ambitions could further transform the continent’s energy landscape and bolster Africa’s march toward economic self-reliance.
