Summary

Nigeria’s Dangote refinery has gone from losing money to posting a $4.73 billion profit in less than a year, just as it asks investors for $1.6 billion in what would be Africa’s largest IPO. Dangote Petroleum Refinery reported net profit of $4.73 billion for the first nine months of 2026, reversing a $117.2 million loss during the same period last year. Revenue more than doubled to $22.48 billion from $9.19 billion. EBITDA jumped to $5.52 billion from $627.6 million as the refinery processed more crude and captured higher refining margins.

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