George Elombi, the new president and chairman of the African Export-Import Bank (Afreximbank), has revealed that Aliko Dangote is seeking an additional $5 billion to expand his refinery in Lagos.
During his inaugural address at Afreximbank’s investiture ceremony in Cairo, Elombi stated that Dangote had personally disclosed the plan earlier and assured the bank would explore all possible financing options.
“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, including in Afreximbank and your individual accounts. We believe it has to be done.
“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,” he told the gathering.
The $20 billion Dangote Refinery, largely financed by Afreximbank, has been described as a transformative project for Nigeria’s energy landscape. Elombi said the planned expansion could reshape fuel supply across West Africa, easing costs and boosting regional trade.
He also paid tribute to his predecessor, Benedict Oramah, whose tenure saw the bank’s assets grow eightfold to $43.5 billion and revenues climb to $3.24 billion.
Elombi pledged to build on these achievements, focusing on value addition in minerals, implementation of the African Continental Free Trade Area, infrastructure investment, and digital integration.
Warning against external interference in Africa’s financial sovereignty, Elombi reaffirmed Afreximbank’s mandate to finance production and industrial transformation.
“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,” he said.
He added that shareholders had tasked him with growing the bank’s balance sheet to $250 billion within a decade, with some African leaders urging a $350 billion target, all while ensuring every dollar translates into tangible impact.
In his goodwill message, Dangote congratulated Elombi on his appointment, praising his leadership during Afreximbank’s COVID-19 response and his role in expanding the bank’s assets from $6 billion to $44 billion.
Dangote highlighted the importance of protecting African trade and production for the continent’s economic security, noting, “At the WTO, our Vision 2030 Strategic Plan projects that we will be a $100bn organisation in the next five years. However, 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.”
He pledged the Dangote Group’s continued support for Afreximbank, 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.”
In August 2025, Afreximbank announced a $1.35 billion facility for Dangote Industries Limited as part of a $4 billion syndicated financing deal to refinance the construction of the 650,000-barrel-per-day refinery and petrochemical complex, the largest single-train refinery in the world.
The bank contributed the largest share, underscoring its commitment to Africa’s industrialization, energy security, and trade growth
