Dangote Refinery Reports N6.3tn Profit as IPO Deadline Gets Extended

According to Daily Post, published on October 14, 2026, Dangote Refinery has reported a net profit of N6.3 trillion while extending the deadline for its initial public offering and pursuing a legal challenge over fuel import licences in Nigeria.

The refinery’s unaudited financial results showed a significant increase in revenue during the reported period. Revenue rose to N29.94 trillion from N12.24 trillion in the corresponding period of the previous year, while earnings before interest, taxes, depreciation and amortisation increased to N7.35 trillion from N836 billion.

These figures highlight the scale of the refinery’s reported financial performance. Located in Lekki, Lagos, the facility has a processing capacity of 700,000 barrels per day and remains an important part of Nigeria’s petroleum industry.

Another development concerns the company’s planned share offering. Dangote Refinery extended the deadline for its initial public offering, which is priced at N525 per share, following approval from the Securities and Exchange Commission.

According to Daily Post, the original deadline of October 13 was moved to October 30, 2026. The refinery explained that the extension would give prospective investors additional time to participate in the offer.

The company is also pursuing a legal challenge concerning the issuance of fuel import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Daily Post reported that Dangote Refinery approached the Court of Appeal to challenge a judgment supporting the continued issuance of the licences. An energy coalition has backed the refinery’s appeal, bringing further attention to the ongoing disagreement over fuel imports and the domestic petroleum market.

Beyond Nigeria, the refinery hosted Kenyan President William Ruto on Tuesday. The visit comes amid developments involving the company’s proposed oil refinery project in Lamu, Kenya.

Daily Post also reported that Dangote Refinery held a groundbreaking ceremony for the $16 billion East African refinery project.

The latest developments cover the company’s financial performance, efforts to attract investors, regulatory dispute and regional expansion plans. Together, they highlight the different areas in which Dangote Refinery is pursuing its business interests as it continues to attract attention across Africa.