Dangote refinery reports $4.7bn profit for nine months as its share offer, open until October 27, is said to be four times subscribed
Dangote Petroleum Refinery and Petrochemicals reported revenue of $22.5 billion and a net profit of $4.7 billion for the nine months to September 30, 2026 (Punch, ThisDay, BusinessDay, Premium Times). ThisDay called the results unaudited and said revenue rose 144 percent and EBITDA reached $5.5 billion. BusinessDay reported cash reserves of $6.7 billion; ThisDay said the company went from $1.7 billion of net debt to $651 million of net cash. Premium Times said the company credited higher refining throughput, better reliability and stronger refining margins. Separately, ThisDay attributed to Aliko Dangote a claim that the share offer is four times oversubscribed, and Punch reported subscriptions at four times the N2.15 trillion target. The offer now closes on October 27. None of the reports seen gives a subscription total from the SEC or the NGX.
One of Nigeria's most closely watched private projects is asking ordinary savers for money at the same moment it publishes earnings. If the profit holds, the plant stands on solid ground; if it does not, the people who bought shares carry the risk.
If you are thinking of applying, read the prospectus, use a licensed broker or bank, and put in only money you can leave alone. A claim of oversubscription tells you about demand, not about whether the price is right.
Supporters say a $4.7 billion profit and a swing to net cash show the refinery works, and that a local company is offering Nigerians a stake in it.
Sceptics say the results are unaudited and supplied by the company, and that an issuer's own subscription claims prove little before allotment.
Treat the profit as a claim to be audited and the oversubscription as a claim to be counted. Watch for the audited accounts, an official subscription figure and the allotment date. The 21 percent profit-to-revenue ratio is DailyDrop's arithmetic; the company did not state it.
DailyDrop Nigeria edition No. 10 · Morning · WED., OCT. 14, 2026