Dangote Refinery: N6.3tn net profit, IPO extension, import licence appeal, other keys developments

Dangote Refinery took centre stage in major business, finance and economic discussions in Nigeria and across Africa from Monday to Wednesday.

DAILY POST, in this report, highlights major talking points about the 700,000-barrel-per-day refinery based in Lekki, Lagos.

First, Dangote Refinery extended the deadline for its much-talked-about N525-per-share Initial Public Offering, IPO by 14 days, following approval from the Securities and Exchange Commission, SEC. The deadline was moved from October 13, 2026, to October 30, 2026.

Second, Dangote Refinery approached the Court of Appeal to challenge a judgment backing the continued issuance of import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, a development it considers detrimental to the refinery.

An energy coalition has backed Dangote Refinery in its appeal against the issuance of fuel import licences in Nigeria.

Third, Dangote Refinery declared a massive net profit of N6.30 trillion in its unaudited report.

The report showed that the refinery’s revenue rose to N29.94 trillion from N12.24 trillion a year earlier. Earnings before interest, taxes, depreciation and amortisation, EBITDA also climbed to N7.35 trillion from N836 billion.

Lastly, Dangote Refinery hosted Kenyan President William Ruto on Tuesday, during which he once again threw his weight behind the refinery.

DAILY POST reports that Dangote Refinery held the groundbreaking ceremony for its $16 billion East African oil refinery project in Lamu, Kenya.