The new President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), George Elombi, has revealed that Africa’s richest man, Aliko Dangote, is seeking an additional $5 billion to expand his Lagos-based refinery.
Elombi made the disclosure during his inaugural address at Afreximbank’s investiture ceremony held in Cairo on Saturday, noting that the request was personally conveyed to him by Dangote earlier in the day.
“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. We believe it has to be done,” Elombi said.
He explained that the planned expansion, when completed, would double the refinery’s production capacity and cut fuel prices by as much as 50 per cent across Nigeria and the West African sub-region.
The $20 billion Dangote Refinery, largely financed by Afreximbank, has been described as a game changer in Nigeria’s energy sector. Elombi stated that the bank would explore every possible financing channel to support the project, stressing its potential to transform fuel supply, reduce import dependence, and stabilise energy costs in the region.
In his address, the new Afreximbank President commended his predecessor, Professor Benedict Oramah, for growing the bank’s assets more than eightfold to $43.5 billion within a decade, while revenues rose to $3.24 billion and shareholders’ funds increased from $1 billion to $7.5 billion.
Elombi pledged to build on this foundation, outlining a strategic vision that prioritises value addition in minerals, deeper implementation of the African Continental Free Trade Area (AfCFTA), trade-enabling infrastructure, and digital integration across the continent.
He warned of increasing external pressures on Africa’s multilateral financial institutions, describing them as “coordinated attacks on African sovereignty”. According to him, Afreximbank’s mandate remains to transform Africa’s trade structure by financing production and processing rather than merely funding commodity exports.
“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 also disclosed that Afreximbank’s shareholders had tasked him with growing the bank’s balance sheet to $250 billion within 10 years, with some African leaders urging him to aim for $350 billion.
Earlier in the event, Aliko Dangote congratulated Elombi on his assumption of office, commending his leadership track record and reaffirming his personal and institutional support for Afreximbank’s vision.
Dangote lauded Elombi’s pivotal role in the bank’s transformation over the past decade, particularly during the COVID-19 crisis response that extended support to both Africa and the Caribbean.
He said, “Having you now at the leadership of this great institution, I am sure our targets will be met much sooner based on our existing great partnership.”
Dangote further assured Elombi of continued collaboration, stating, “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.”
In August 2025, Afreximbank had signed a $1.35 billion financing facility in favour of Dangote Industries Limited as part of a larger $4 billion syndicated arrangement for the company.
The facility, for which Afreximbank served as the Mandated Lead Arranger, was designed to refinance capital invested in the construction of the Dangote Petroleum Refinery and Petrochemicals Complex — the world’s largest single-train refinery with a capacity of 650,000 barrels per day.
The financing eased operational expenditures and strengthened the company’s balance sheet, aligning with Afreximbank’s commitment to supporting industrialisation, energy security, and intra-African trade.
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