Dangote Refinery's Revenue Exceeds Seven Oil Firms Combined

In the first half of 2026, Dangote Refinery in Lagos reported a revenue of N19.25 trillion, exceeding the combined revenue of seven other Nigerian-listed oil companies, which amounted to N7.93 trillion. This figure represents a 121% increase from the N8.64 trillion recorded in H1 2025.

Among the listed companies, Seplat Energy (NGX: SEPLAT) led with N2.50 trillion, followed closely by Aradel Holdings (NGX: ARADEL) at N2.49 trillion, and Oando (NGX: OANDO) at N2.10 trillion. The remaining companies reported smaller revenues, with TotalEnergies Marketing at N440 billion, Eterna (NGX: ETERNA) at N217 billion, Conoil (NGX: CONOIL) at N179 billion, and Japaul Gold and Ventures (NGX: JAPAULGOLD) at N2.7 billion.

The combined revenue of these firms grew 59% from N4.98 trillion in H1 2025. Additionally, Dangote Refinery's gross profit was N3.43 trillion, operating profit N1.25 trillion, and profit after tax N2.50 trillion.

Aliko Dangote indicated that dividends would be paid in US dollars to mitigate the impact of naira depreciation.