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Emmanuel Addeh in Abuja
The Dangote Petroleum Refinery and Petrochemicals cut its secured debt by about N798 billion ($570 million) in the first half of 2026, bringing its outstanding obligations down to approximately N7.9 trillion ($.67 billion) as the 700,000-barrel-per-day facility ramped up production and strengthened cash generation ahead of its planned Initial Public Offering (IPO).
According to the company’s prospectus, its total debt fell from $6.24 billion at the end of December 2025 to $5.67 billion by the end of June 2026, representing a reduction of $570 million, equivalent to about N798 billion at an exchange rate of N1,400 to the dollar.
