Nigeria’s Dangote refinery posts $4.73 billion profit — OilPrice

The Dangote refinery in Lagos, Nigeria, posted $4.73 billion in net profit in the first nine months of 2026, compared with a loss of $117.2 million in the same period last year. OilPrice reports.

Dangote Petroleum Refinery’s revenue for the period more than doubled, rising from $9.19 billion to $22.48 billion. EBITDA increased from $627.6 million to $5.52 billion. The publication attributes this to increased oil processing and higher refining margins.

Cash and debt

The company’s operating cash flow through September amounted to $3.68 billion, compared with $364.7 million a year earlier. Cash holdings increased to $6.69 billion.

At the end of the period, the refinery had $650.8 million in net cash. A year earlier, its net debt was estimated at $1.73 billion.

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Share offering and expansion

Dangote is raising $1.6 billion through an initial public offering that could become Africa’s largest IPO. The offering values the refinery at approximately $47 billion. The application deadline, initially set to end on October 13, was extended to October 27 after strong demand overloaded some Nigerian investment platforms.

The company plans to use part of the funds raised to expand production. Dangote aims to increase refining capacity to 1.4 million barrels per day by 2029. The refinery had previously increased capacity from its initial 650,000 barrels per day and was operating at around 660,000 barrels per day at the beginning of 2026.

OilPrice also notes that the company was increasing fuel exports, including jet fuel, to Western Europe amid disruptions to oil refining and fuel exports from the Middle East. Nigerian petroleum product exports are increasingly replacing supplies that previously reached West Africa from Europe, the Middle East and the United States.