Dangote Refinery Posts N6.29 Trillion Profit in Nine Months as IPO Demand Surges

Dangote Petroleum Refinery and Petrochemicals has reported a net income of N6.29 trillion for the nine months ended September 30, as the plant shifts from construction into full commercial operations.

Revenue for the period climbed to N29.96 trillion, more than double the previous level, driven by higher processing volumes and favourable global refining margins. The refinery, owned by Africa's richest man, Aliko Dangote, hit its full processing capacity of 700,000 barrels per day during the period.

Cash Position Flips From Debt

The company closed the period with N866.51 billion in cash. That marks a sharp reversal from the N2.26 trillion debt position it reported a year earlier.

At 700,000 barrels per day, the refinery sits at the centre of Nigeria's push to raise domestic fuel production and cut its long reliance on imported refined products. The N6.29 trillion net income over nine months places it among the most profitable businesses in Nigeria by reported earnings.

Even so, a full read on the refinery's financial health will depend on its operating costs, financing obligations and cash flows, which determine how sustainable those earnings are over the longer term.

IPO Targets N2.13 Trillion

Alongside the earnings disclosure, the Lagos-based refinery is moving ahead with plans to raise N2.13 trillion through an initial public offering. It intends to offer 4.1 billion shares to the public, in what would rank among the largest such transactions on the continent.

Dangote said during a facility tour that investor appetite had far outpaced expectations, with demand running at three to four times the company's initial target. The refinery responded by extending its IPO subscription window by two weeks.

David Bird, chief executive officer of Dangote Petroleum Refinery and Petrochemicals, said the extension was designed to let a broader range of prospective investors take part in the offering.

The company announced on Monday, October 12, that the Securities and Exchange Commission had approved the extension, moving the closing date from October 13 to October 27, 2026. The initial public offering opened on September 14 and is expected to become Africa's largest share sale.

What It Means for Nigeria

The share sale is expected to widen public ownership of the refinery while testing how far investors will back large industrial projects in Nigeria. A successful N2.13 trillion raise would also deepen the local capital market and give Nigerian investors direct exposure to the country's biggest refining asset. For fuel consumers, the bigger question remains whether full capacity at 700,000 barrels per day translates into steadier domestic supply and pressure on pump prices over time.