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Dangote refinery swings to $4.7B profit before Africa’s biggest IPO

Dangote Petroleum Refinery posted a $4.73 billion net profit for the first nine months of 2026, reversing a $117.2 million loss a year earlier, as revenue rose to $22.48 billion.

Reported · Written up by our desk · Energy

Oil and gas news outlet OilPrice reports that Nigeria’s Dangote Petroleum Refinery has shifted from losses to a major profit in under a year ahead of a planned fundraising round tied to what the outlet describes as Africa’s biggest IPO.

According to OilPrice, Dangote Petroleum Refinery recorded $4.73 billion in net profit for the first nine months of 2026, compared with a $117.2 million loss in the same period last year.

OilPrice also said the company’s revenue more than doubled to $22.48 billion, and that Dangote Petroleum Refinery is seeking $1.6 billion from investors as it moves toward the IPO.

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