Africa Finance Corporation (AFC)

Public data, unclaimed profile

Multilateral infrastructure finance institution headquartered in Lagos: debt, equity and project development (power, transport, industry, natural resources). In 2026: investor in the Dangote refinery's US$2.5bn private placement (July).

At a glance

Based on observed investment behaviour: 2 recorded deals

Investor type: Development finance institution (inferred, not verified)
Capital type: Development finance institution (inferred from profile)
Observed ticket: Data unavailable
Countries: Cameroon (1), Nigeria (1)
Activities: Oil and gas (upstream and gas infrastructure) (1), Renewable power plants: solar, wind, hydro, geothermal, biogas (1)
Instruments: Equity (2)
Stages: Growth (2)
Recent activity: 1 deal in 12 months, latest Jul 2026

Stated thesis versus observed behaviour

Fewer than three recorded deals: insufficient evidence to compare thesis and behaviour.

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Investment thesis

Criteria published by the fund, recorded and checked by Invest Matching.

Investment ticket: n/a
Instruments: Senior debt, Equity
Preferred sectors: Energy, Transport & civil engineering, Manufacturing
Target geographies: West Africa, East Africa, Southern Africa, Central Africa, North Africa
Stages (stated by the fund and from its deals): Growth
Website: https://www.africafc.org

Reference deals

Recent public deals: they say better than a thesis what the fund actually signs.

Dangote Petroleum Refinery & Petrochemicals

July 2026 · Nigeria

Growth2,500 M$EquityEnergyCo-Invest

Placement closed in July 2026, ahead of the IPO; full list of subscribers not published (AFC confirmed its participation).

Activity : Oil and gas (upstream and gas infrastructure)

Instrument : US$2.5bn private placement for 6% (valuation about US$40bn), 3.7x oversubscribed; AFC, sovereign funds and development finance institutions

Lekki refinery; expansion planned to 1.4m bpd by 2029 (US$14.3bn).

Why they invested

Pre-IPO of an operating industrial asset

Source : nairametrics.comN2 · Cross-checked (2+ outlets) · Other sources : The Africa Report

Nachtigal Hydro Power Company (NHPC)

December 2018 · Cameroon

GrowthUndisclosed amountEquityEnergyCo-Invest

Co-investor alongside Africa50

Activity : Renewable power plants: solar, wind, hydro, geothermal, biogas

Instrument : 15% equity stake

NHPC develops and operates the 420 MW Nachtigal hydropower plant and its associated transmission line.

Why they invested

Increase reliability of Cameroon’s power sector
Expand access to electricity
Mobilize private financing for strategic energy infrastructure

Co-investors Banque africaine de développement (BAD), European Investment Bank, British International Investment, DEG, EDF, Emerging Africa Infrastructure Fund, FMO, IFC (International Finance Corporation), OPEC Fund for International Development, Proparco, République du Cameroun, STOA

Source : africa50.comN1 · Primary source

In short

Africa Finance Corporation (AFC) invests across the following sectors: Energy, Transport & civil engineering, and Manufacturing, in the following areas: West Africa, East Africa, Southern Africa, Central Africa, and North Africa. Check in 30 seconds whether your company fits these criteria.

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