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# [NIGERIA / AFRICA] Dangote Refinery: $4.73bn profit in 9 months, Africa's IPO of the century takes off
- URL: https://businessoi.media/en/nigeria-afrique-dangote-refinery-4-73-milliards-de-benefice-en-9-mois-lipo-africain-du-siecle-semballe-en/
- Published: 2026-10-14T08:45:56.000Z
- Updated: 2026-10-14T08:45:56.000Z
- Description: Dangote Refinery posts explosive results: $4.73bn net profit over 9 months ($22.48bn revenue), against a loss last year. The $1.6bn IPO shows 3-4x demand and has been extended to 27 October.
- Author: Emmanuel TAOCHY
- Tags: Nigeria, Afrique, finance, Investissement, Flash de mi-journée, #en

This is the financial story shaking African markets. Dangote Petroleum Refinery, Africa's largest refinery, published its nine-month 2026 results on 14 October. The outcome is spectacular: $4.73 billion in net profit, against a $117.2 million loss in the same period last year. Meanwhile, the IPO set to raise $1.6 billion is generating unprecedented enthusiasm.

## Figures that redraw the continental oil landscape

In nine months, Aliko Dangote's refinery has multiplied its results on a remarkable scale:

- **Revenue:** $22.48 billion, up from $9.19 billion in 2025 (+144%)
- **EBITDA:** $5.52 billion (vs $627.6 million last year)
- **Operating cash flow:** $3.68 billion
- **Net cash position:** moved from $1.73 billion net debt to $650.8 million net cash
- **Processing capacity:** up to 700,000 barrels of crude per day

## An IPO 3x to 4x oversubscribed

Dangote Refinery is seeking to raise $1.6 billion by offering 4.1 billion shares. According to Aliko Dangote himself, demand is "three to four times" the amount on offer. Faced with this overwhelming interest, the subscription period — initially set to close on 13 October — has been extended to 27 October 2026 to allow more markets to participate. This could be the largest IPO ever completed on the African continent.

## A turning point for Nigeria's energy independence

The refinery has fundamentally changed the equation for Nigeria, a crude oil producer historically dependent on imports of refined products. Since entering production, it has significantly reduced this dependency, generating substantial foreign exchange savings for the national economy.

## Why it matters

With such massive results, Dangote Refinery is establishing itself as the symbol of an Africa capable of transforming its own natural resources into local added value. This IPO will be a decisive test for the maturity of African capital markets: if it succeeds at the announced terms, it will pave the way for future large-scale fundraises for continental industrial projects. For Indian Ocean investors — notably from Mauritius, Africa's financial hub — this type of asset is precisely the segment to watch in coming quarters.

*Sources: AllAfrica, OilPrice.com, Blueprint Newspapers — 14 October 2026*