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Company’s revenue rises 144 per cent to $22.5bn in 9 months
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Aliko Dangote Foundation targets 7 million students, women
Dangote Petroleum Refinery and Petrochemicals has extended its ₦2.15tn initial public offering (IPO) by two weeks, giving investors until October 27 to subscribe to its shares, as the company reported a $4.73bn net profit for the nine months ended September 30, 2026.
The extension, approved by the Securities and Exchange Commission (SEC), moves the closing date from October 13 to October 27 following strong investor interest and efforts to widen participation across African countries.
The company also announced plans to expand access to the share offer through cross-border investment arrangements, while the Aliko Dangote Foundation has unveiled a share grant initiative targeting up to five million tertiary institution students and two million vulnerable women.
The refinery disclosed the extension in a notice dated October 12, stating that the additional period would allow more prospective investors to complete the requirements for participating in the offer.
The IPO, which opened on September 14, comprises 4.1 billion ordinary shares priced at ₦525 each, representing an offer valued at approximately ₦2.15tn.
Dangote Refinery said the extension followed “very strong interest from a broad range of eligible investors across Africa and other jurisdictions”.
It explained that the additional time would support efforts to improve access to the offer in other African markets through expanded distribution channels and depositary receipt programmes designed to facilitate cross-border investment.
“The extension is intended to support ongoing market-access initiatives across African jurisdictions, including the expansion of distribution channels and the implementation of depositary receipt programmes designed to facilitate efficient cross-border investor participation,” the company said.
The extension will also give prospective investors more time to complete account opening, identity verification and other regulatory requirements.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, welcomed the SEC’s approval, saying it would enable more Africans to participate in the offer.
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa,” said Bird.
The revised timetable provides for the closure of applications on October 27, followed by the collation of returns on November 3.
Dangote targets expansion with IPO proceeds
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said the share offer is intended not only to raise funds for expansion but also to give ordinary Africans an opportunity to own part of the refinery.
He said the company wanted workers across different income groups to benefit from ownership of the industrial facility.
“But it is not only to fund the expansion of the refinery, of course, it’s a bigger amount. What we are trying to do is to make sure the majority of all these my—our drivers, our cooks, our, you know, servants, our managers, everybody, they will have an opportunity to have a stake in this refinery,” Dangote said.
The refinery plans to use the proceeds to expand its capacity from 700,000 barrels per day to 1.4 million barrels per day, develop fuel storage and distribution infrastructure and support further growth.
Located in the Lekki Free Zone in Lagos, the refinery is one of Africa’s largest industrial projects and has become a major supplier of refined petroleum products to the Nigerian and regional markets.
The proposed expansion is expected to strengthen its production capacity and distribution network as it pursues its Vision 2030 growth strategy.
Refinery posts $4.73bn profit
The IPO extension comes as the refinery reported a sharp improvement in its financial performance, moving from a loss in the corresponding period of 2025 to a multibillion-dollar profit in the first nine months of 2026.
Its unaudited financial results, released in Lagos on Tuesday, showed that revenue increased by 144 per cent to $22.48bn from $9.2bn in the same period last year.
Net profit rose to $4.73bn from a loss of $117.2m recorded in the first nine months of 2025.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.52bn from $627.6m, while the EBITDA margin expanded to 24.56 per cent from 6.83 per cent.
The company attributed the improved performance to higher refining throughput, better operational reliability and stronger refining margins.
Operating cash flow also increased more than tenfold to $3.68bn from $364.7m in the corresponding period of 2025.
Its cash balances rose to $6.69bn from $809.5m, while its balance sheet moved from a net debt position of $1.73bn in September 2025 to net cash of $650.8m by September 2026.
The change means the company’s cash holdings exceeded its reported debt obligations on a net basis, giving it greater financial flexibility to pursue its expansion plans.
Revenue rose from $13.91bn at the end of June to $22.48bn at the end of September, indicating that the refinery generated approximately $8.57bn in revenue during the third quarter.
Similarly, EBITDA increased from $2.60bn at the half-year mark to $5.52bn by September, while net profit climbed from $1.82bn to $4.73bn over the same period.
Bird attributed the performance to the refinery’s transition from commissioning and production ramp-up to more stable commercial operations.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
“Revenue increased to US$22.5 billion from US$9.2 billion in the corresponding period of 2025, while EBITDA rose to US$5.5 billion from US$627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins.”
He said the results provided a foundation for the company’s next phase of expansion.
“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” he stated.
“With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio. We will continue to strengthen our distribution network across Africa and support energy security across the continent, while creating long-term value for stakeholders.”
Reuters also reported that the refinery’s improved performance came amid stronger refining margins, increased demand and supply disruptions associated with the Iran war, which created opportunities for exports, including jet fuel shipments to Western Europe.
Foundation offers shares to seven million beneficiaries
Meanwhile, the Aliko Dangote Foundation has unveiled a share grant initiative designed to help up to five million tertiary institution students and two million vulnerable women acquire shares in the refinery through the IPO.
The foundation’s Managing Director and Chief Executive Officer, Zouera Youssoufou, said the programme would match qualifying subscriptions by eligible beneficiaries, giving them an opportunity to participate in the capital market.
Under the scheme, eligible students who subscribe for the minimum 10 shares valued at ₦5,250 may qualify to receive an additional 10 shares funded by the foundation, potentially increasing their holdings to 20 shares.
The programme covers eligible students aged 18 and above enrolled in recognised Nigerian universities, polytechnics and colleges of education, subject to verification and the initiative’s terms and conditions.
The foundation is working with relevant educational authorities to verify beneficiaries.
Youssoufou said the initiative was designed to make the refinery’s ambition of broad-based ownership more accessible to groups that have traditionally had limited participation in the capital market.
“When Aliko announced the IPO, he described it as the IPO of the people and wanted as many Nigerians as possible to participate,” she said.
According to her, about ₦25bn has been earmarked for the student component, while the wider programme for students and vulnerable women is valued at approximately ₦40bn.
She stressed that the support was a grant rather than an investment by the foundation on behalf of beneficiaries.
“The shares end up with the beneficiary. Our goal is to help people who may never have had the opportunity to own shares begin building long-term wealth,” she said.
The foundation’s official programme information confirms that eligible students must apply for at least 10 shares through the designated subscription channel and complete the required verification process to qualify for consideration for an additional 10 shares funded by the foundation. However, neither the student’s subscription nor the foundation-funded application guarantees that shares will ultimately be allotted.
The foundation has also extended the initiative to eligible women, including women serving in the police and military, as part of efforts to improve financial inclusion and encourage wider participation in the Nigerian capital market.
SEC cautions investors
The SEC has advised prospective investors to use only officially designated receiving agents and approved electronic subscription channels when applying for shares in the refinery.
The commission also warned investors to verify the authenticity of websites and platforms before providing personal or financial information and to avoid transferring money to unauthorised individuals or entities claiming to receive IPO applications.
It advised the public to rely on official communications and the approved offer documents for information about the share sale.
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