Dangote shops for additional N300b to finance refinery Dangote Industries Limited (DIL) at the weekend opened an application list to raise up to N300 billion in medium-term debt funding from the Nigerian capital market. The money is to finance the Dangote Petroleum Refinery being built in Lagos and due for completion in the first quarter of next year. The firm, through a special purpose vehicle fund. Dangote Industries is offering two tranches of bonds to raise up to N150 billion, with a provision to scale up to the full size of its N300 billion registered bond issuance programme. The book building- a register for prospective investors- for the N300 billion bond issuance is scheduled to close Thursday. DIL is the sponsor of the bond issuance with Dangote Oil Refining Company Limited and Dangote Fertiliser Limited as co-obligors. Dangote is rated AA by GCR and AA (ngr) by Fitch. The net proceeds of the bond issue will be used to further finance the group’s Dangote Petroleum Refinery project, which is scheduled to commence operations in the first half of 2023.