Dangote Refinery IPO Opens September 14, Posts Record N19.13trn H1 Revenue
Dangote Refinery has disclosed N19.13 trillion in H1 2026 revenue as its ₦2.15 trillion IPO prepares to open on September 14, priced at ₦525 per share. Vetiva Capital has confirmed the offer is Nigeria's first fully digital retail IPO, setting a precedent for capital-markets fintech adoption. The listing, targeting approximately $1.5 billion in proceeds, is widely described as a candidate for Africa's largest-ever public capital raise.
Dangote IPO: the revenue story is real — now watch who actually subscribes
Half-year revenue that already exceeds all of last year. Gross profit up fifteen times over. The financials in this prospectus are not a projection — they are a track record.
That matters because it removes the central objection a cautious investor might have raised: that this was a bet on a refinery that might never fully run. At 700,000 barrels a day and $1.82 billion in net profit for six months, the asset is clearly working.
But the financials settling the 'is it real?' question makes the remaining one harder to dodge: will ordinary Nigerians — the ₦5,250 buyers Dangote has explicitly courted — show up in numbers that actually move the book? The N1.88 trillion that left the exchange in a single pre-IPO session tells you institutional money is repositioning. Retail is the open variable. Subscription data on 13 October closes the argument either way.
3 sources
- Dangote Refinery’s record N19.13trn H1 revenue sets stage for Africa’s biggest IPO · businessday.ng · T2
- Dangote Refinery unveils IPO prospectus: Here’s all you need to know about the huge ₦2.15tn affair · technext24.com · T2
- Dangote Refinery IPO is Nigeria’s first fully digital retail offer — Vetiva Capital · nairametrics.com · T2