Dangote Refinery Reduces Debt by N798bn Ahead of IPO

In the first half of 2026, Dangote Petroleum Refinery and Petrochemicals reduced its secured debt by approximately N798 billion ($570 million), bringing its total obligations down to about N7.9 trillion ($5.67 billion). This reduction occurred as the refinery, which operates at 700,000 barrels per day, moved into full-scale commercial operations, enhancing cash generation ahead of its Initial Public Offering (IPO) planned for September 14, 2026.

The company's net debt-to-earnings before interest, tax, depreciation, and amortization ratio was 0.27 times at the end of June 2026. The IPO will offer 4.1 billion new shares at N525 each, yet Aliko Dangote will maintain a significant ownership stake, projected to decline only marginally from 87.27% to 84.34% post-offering.

The Nigerian National Petroleum Company Limited's stake will also see a slight dilution from 6.815% to about 6.59%. Dangote stated that the IPO is not primarily for raising funds, as the refinery has strong cash generation capabilities.