Dangote Refinery Posts $4.7B Profit Ahead of Africa's Largest IPO

Key Facts

1Dangote Petroleum Refinery reported a net profit of $4.73 billion for the first nine months of 2026.

2Refinery revenue more than doubled to $22.48 billion from $9.19 billion in the previous year.

3The refinery is seeking $1.6 billion from investors in what would be Africa’s largest IPO.

Dangote Petroleum Refinery reported a net profit of $4.73 billion for the first nine months of 2026. Oilprice.com reported that the refinery's revenue more than doubled to $22.48 billion during this period, up from $9.19 billion in the previous year, marking a significant financial turnaround for the Nigerian facility.

The refinery is currently seeking to raise $1.6 billion from investors in what is expected to be Africa’s largest initial public offering. This profit surge is supported by increased crude processing and higher refining margins as the company scales its operations ahead of the planned capital raise.