Dangote Refinery's IPO Closes Soon Amid $22.5bn Revenue Surge

Dangote Petroleum Refinery & Petrochemicals has issued a final call to investors as its Initial Public Offering (IPO) enters its last 48 hours, set to close on October 27, 2026. This announcement follows the release of the company's nine-month financial results for the period ending September 30, 2026, which revealed a 144 percent year-on-year revenue increase to $22.5 billion.

The refinery reported a net profit of $4.73 billion, a significant turnaround from a loss in the same period of 2025. EBITDA reached $5.5 billion due to higher throughput and stronger margins, with the balance sheet transitioning from net debt to net cash.

Management noted that the impressive financial performance has spurred accelerated subscriptions from both retail and institutional investors across Nigeria, Africa, and the diaspora. The IPO is framed as a historic opportunity for Africans to own a stake in a key industrial asset, emphasizing its role in industrial growth and economic development across the continent.