A revolving commercial financing line of up to $100 million is being considered to support the supply of petroleum products to the Democratic Republic of Congo. The mechanism involves the Nigerian refinery Dangote, the Congolese Refining Industries Company (SOCIR SA), and the United Bank for Africa (UBA). The government is reviewing the necessary conditions for its implementation.
The file was presented to the Council of Ministers on Friday, October 9, 2026, by the Deputy Prime Minister and Minister of National Economy, Daniel Mukoko Samba. He is seeking approval for the Dangote-SOCIR-UBA scheme and prior authorization for the signing of an interministerial decree to regulate its application. The Council of Ministers has given its approval to the device.
In this framework, Dangote refinery has designated SOCIR SA, a mixed economy company owned 50% by the state, as the operational contact for the DRC. Compliance procedures are ongoing. UBA has confirmed its interest in supporting the operation through a revolving commercial financing line of up to $100 million.
However, negotiations regarding the financial terms are not yet finalized. The announced amount is therefore a contemplated financing capacity, not a credit already granted. The finalization of the operation still depends on several administrative and commercial decisions.
Daniel Mukoko Samba has identified two essential conditions for the implementation of the device. The first is to officially entrust a mandate to SOCIR SA through an interministerial decree. The second concerns the validation, by the government, of the main commercial parameters of the operation.
The signing of this decree must specify the institutional framework in which SOCIR will operate. On the other hand, the approval of the commercial conditions will allow for further negotiations with UBA and the preparation for the implementation of the financing. These steps must clarify the responsibilities of the parties before the effective start of the mechanism.
During the review of the file, the Minister of Hydrocarbons emphasized the strategic and economic interest of this initiative for the DRC. The Minister of the Portfolio, Julie Shiku, provided insights into the institutional, commercial, and financial organization of the device. Their interventions helped clarify the different aspects of the scheme submitted to the government.
By seeking to accelerate the process, Daniel Mukoko Samba highlighted three objectives: securing the financing proposed by UBA, promoting direct and efficient supply of petroleum products, and better controlling the risks borne by the state. However, the realization of these ambitions is still conditioned by the formalization of SOCIR SA’s mandate, the validation of commercial parameters, and the conclusion of financial negotiations. At this stage, the mechanism is still in preparation and its financing is not definitively established.
