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Dangote refinery has secured at least 16 million barrels of Nigerian crude for October, roughly 520,000 barrels a day. Feedstock supply is the question facing investors when the $1.55 billion offer opens on Monday.
A Lagos court has extended an order barring Nigeria's petroleum regulator from Dangote's refinery, four days before its share offer opens.
Dangote Petroleum Refinery reported $1.82 billion of net income and $2.60 billion of EBITDA in the first half of 2026, ahead of its IPO.
Aliko Dangote signed IPO documents in Lagos on Monday. The offer runs Sept. 14 to Oct. 13, selling 4.1 billion shares at N525 each.
Nigeria's oil refining grew 43.94% in the second quarter, its strongest on record, as Dangote took 52.6 million barrels of crude.
Dangote Refinery says imported petrol took 43% of Nigeria's market in July and that licences are still being issued despite ample local capacity.
The US Energy Information Administration says Nigeria's seaborne petroleum product exports have grown seven-fold since 2023, driven entirely by output from Aliko Dangote's Lagos refinery.
Rwanda's President Paul Kagame has confirmed his country is in early talks about taking a stake in Aliko Dangote's planned $16 billion Lamu oil refinery, saying Rwanda would be "very happy" to participate.
Aliko Dangote's Lagos refinery has become Europe's largest supplier of jet fuel and diesel since Iran closed the Strait of Hormuz.
Aliko Dangote's petroleum refinery has completed a $1 billion underwriting program, including a funded $600 million private placement, ahead of its planned initial public offering.
Africa Finance Corporation has taken equity in Aliko Dangote's oil refinery through its $2.5 billion placement, months after the refinery repaid a $300 million loan.
Goldman Sachs International's co-chief executive toured the Lekki refinery on Wednesday, where Aliko Dangote said his next phase will include acquisitions and new investments.
Africa's richest man Aliko Dangote has selected Kenya's Lamu Island as the site for a $17 billion refinery that would transform East Africa's fuel supply.
Nigeria's gasoline imports tripled in June as Aliko Dangote's refinery cut domestic supply to sell abroad and earn the dollars it needs to buy crude.
Aliko Dangote's refinery is operating at roughly half throughput after an equipment fault, pushing product exports to their lowest level in three months.