A sugar refinery owned by Africa's richest person, Aliko Dangote, raised $356 million in a share sale and will use the funds to reduce debt and boost a capital position eroded by three years of losses.

Dangote Sugar Refinery Plc, the Lagos-listed unit of Dangote Group, completed the offering to strengthen its balance sheet after consecutive annual deficits weakened its financial standing. The capital raise comes as the company navigates challenging market conditions including foreign exchange volatility and rising input costs that have pressured margins across Nigeria's manufacturing sector.

Proceeds from the equity issuance will primarily target debt reduction, lowering finance costs and improving the firm's leverage ratios. The move signals management's commitment to restoring profitability and shareholder confidence after a prolonged downturn. Analysts view the recapitalization as a necessary step toward stabilizing operations and positioning the refinery for recovery as macroeconomic conditions improve.

The share sale represents one of the largest equity raises by a Nigerian consumer goods company in recent years, underscoring investor appetite for quality assets despite the challenging economic environment.