Dangote Refinery: Public offering closes October 27, 2026, following $22.5 billion in nine-month revenue

The public offering of shares for the Dangote Petroleum Refinery, located in Lekki near Lagos, will close on Tuesday, October 27, 2026, and will not be extended, the Nigerian group confirmed in a statement reported on October 26 by Peoples Gazette and, the day before, by TheFact Daily. Both Nigerian media outlets noted an acceleration in subscriptions in recent days from Nigeria, other African countries, and abroad, though the group did not release specific figures.

The operation involves 4.1 billion shares at 525 naira each, totaling approximately 2.15 trillion naira (nearly $1.6 billion), for a listing on the Nigerian Exchange (NGX). Subscriptions opened on September 14, 2026, according to tracking by the Daba Finance platform, which advises verifying every parameter in the prospectus approved by the regulator. The refinery is designed for a capacity of 650,000 barrels per day within the Lekki Free Zone.

A turnaround in one year

The figures published by the group for the nine months ending September 30, 2026, explain the investor appetite: revenue of $22.5 billion, up 144% year-on-year; a net profit of $4.73 billion, compared to a loss in the corresponding period of 2025; and an EBITDA of $5.5 billion. According to the group, the company has also moved from a net debt position to a net cash position.

These results belong to the company itself and were released in the middle of the subscription campaign; they have not yet been reconciled with audited accounts published after listing. This is one of the limitations of the exercise, in a communication where management speaks without any specific executives being named.

Why this matters for the continent

The stakes go beyond the Lagos Stock Exchange. For decades, West Africa has exported crude oil only to re-import refined fuels from elsewhere, paying twice for transport and margins. A refinery of this size on African soil reverses this pattern, following the same logic as decisions announced in Accra and within COMESA regarding the cessation of raw mineral exports.

The group is, moreover, expanding this chain outside of Nigeria. According to the Ecofin agency, Aliko Dangote confirmed on October 21, 2026, at the Financial Times Africa Summit in London, the purchase of a 24.76% stake in the Kenya Pipeline Company for 42.5 billion shillings (approximately $327 million), one month after the September 30 launch of a $16 billion refinery project in Lamu.

This concentration calls for vigilance from both readers and citizens: being both a refiner and a shareholder in fuel transport infrastructure grants considerable market power, and the question of access rules to pipelines, raised by Ecofin, remains open. In Kenya, Member of Parliament Ndindi Nyoro has questioned the financial terms of the KPC stake sale, allegations that the agency presents as unsubstantiated at this stage.

Next step: the allocation of shares, followed by the actual listing on the NGX, expected by the end of 2026 with no set date.