Africa’s biggest oil refinery has cut its debt by $570 million as it increased production and sales ahead of its planned initial public offering, which could become the continent’s largest share offering.
Dangote Petroleum Refinery and Petrochemicals FZE had $5.67 billion in total secured debt at the end of June, down from $6.24 billion at the end of December, according to its IPO prospectus.
The debt reduction came as the refinery swung to a $1.82 billion after-tax profit in the first half of 2026, compared with a loss of $476 million in the same period of 2025.
The refinery is preparing to raise about $1.6 billion through the IPO by offering 4.1 billion shares at ₦525 each, according to the prospectus.
The offer could be expanded by as much as 30%, taking the potential proceeds to about $2.1 billion, subject to investor demand and approval from Nigeria’s Securities and Exchange Commission. The IPO is scheduled to open on September 14 and run for about a month.
