More than 2mn investors subscribed through digital channels, a source said, while the order book did not yet include applications from other African countries

Nigeria’s privately owned Dangote Petroleum Refinery increased average daily exports of petrol, diesel and aviation fuel by 37.3% to 54.63mn litres in September 2026, overtaking its deliveries to the Nigerian market, which fell to 39.98mn litres. Exports rose from 39.78mn litres daily in August, while domestic receipts fell 22.1% from 51.31mn litres, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) September fact sheet, as analysed by Nairametrics on October 30. Exports accounted for 57.7% of the refinery’s combined evacuation of the three fuels, up from 43.7% in August. Petrol and diesel accounted for about 94% of the net month-on-month swing towards exports. Petrol exports rose 59% to 15.47mn litres daily, while domestic deliveries fell 20.6% to 28.50mn litres. Diesel exports jumped 81.8% to 15.91mn litres, nearly double local receipts, which fell 34.2% to 8.14mn litres. Aviation fuel showed the largest export surplus, with 23.25mn litres exported daily against domestic receipts of 3.34mn litres. Europe imported roughly 80,000 barrels per day (bpd) of jet fuel from the refinery in the second quarter, according to Kpler data cited by Reuters, as disruption to Middle Eastern supplies tightened the European market. Dangote is also expanding regional fuel arrangements. Cameroon’s state-owned refining company Sonara announced on October 30 an agreement signed with Dangote Group and Nigerian distributor MRS Oil & Gas in Lagos on October 22. Volumes, contract value and duration were not disclosed. The export shift comes as Dangote completes Africa’s largest share sale. The refinery’s NGN2.15 trillion ($1.6bn) initial public offering, which closed on October 27, drew about NGN6.4 trillion ($4.78bn) in domestic orders, according to sources cited by Reuters, with Securities and Exchange Commission clearance targeted for November 17 ahead of listing on the Nigerian Exchange. Unaudited results showed a net profit of $4.73bn in the nine months to September, implying about $2.9bn in the third quarter, more than the $1.82bn earned in the whole first half. Production of the three fuels increased 15.7% to 97.67mn litres daily. NMDPRA reported 106% capacity utilisation against the original 650,000 bpd capacity, equivalent to a crude run of about 689,000 bpd, of which 71,000 bpd was drawn from crude inventory. However, the US Energy Information Administration says maintenance completed in February raised crude distillation capacity to 700,000 bpd, implying utilisation of approximately 98% on the expanded basis. Feedstock remains a constraint. Finance Minister Taiwo Oyedele said on October 9 that Nigeria did not have 700,000 bpd of uncommitted crude available to supply the refinery, which imports about a fifth of its feedstock, according to CSL Stockbrokers. National petrol receipts fell 23.4% to 38.7mn litres daily, with imports down 30.1% to 10.2mn litres, which NMDPRA attributed to approved permit volumes being exhausted. Truck-out volumes, a proxy for consumption, averaged 44.4mn litres. Dangote produced 47.22mn litres of petrol daily, more than national consumption, but exported 15.47mn litres and added 3.25mn litres to refinery inventories. National diesel receipts fell 40% to 8.7mn litres daily, the lowest in the 13 months covered by the fact sheet, against truck-out volumes of 14.5mn litres. NMDPRA cited low imports and weak domestic evacuation amid high prices. Petrol stock sufficiency improved to 23.9 days from 22.9 days in August but remained below the regulator’s 30-day benchmark, while diesel stock cover fell to 49.7 days from 51.6 days. See IntelliNews: Nigeria’s Dangote refinery $1.6bn IPO attracts $4.78bn in orders, sources say See IntelliNews: Nigeria’s Dangote refinery earns $2.9bn in third quarter, outstripping entire first half See IntelliNews: Nigeria’s Dangote refinery raises throughput above nameplate capacity to 700,000bpd ahead of IPO See IntelliNews: Dangote refinery sues to halt Nigeria petrol imports amid market battle See IntelliNews: Nigeria’s Dangote targets 1.4mn bpd by 2029 as $14.3bn expansion, IPO advance

Nigeria’s Dangote Petroleum Refinery attracted about NGN6.4 trillion ($4.78bn) in domestic orders for its $1.6bn initial public offering (IPO), nearly three times the base offer, according to sources cited by Reuters. The company has not confirmed the order book. The offer, which closed on October 27, comprised 4.1bn new shares priced at NGN525 each, giving a base value of NGN2.1525 trillion. Minimum subscriptions were 10 shares, costing NGN5,250, under an offer marketed as “The People’s IPO”. No official interim subscription figures were published before the close. When the subscription period was extended from October 13, Aliko Dangote said orders already exceeded the amount on offer by three to four times, Bloomberg reported, while Proshare Research said on October 16 that the extension could indicate weak demand or the need for more time to accommodate cross-border subscriptions. See IntelliNews: Nigeria’s $1.6bn Dangote refinery IPO could expand active investor base three- to fivefold, exchange chief says More than 2mn investors subscribed through digital channels, one of the sources told Reuters, adding that the order book did not yet include applications from other African countries. Dangote said in a statement on October 28 that it had received applications from 120 countries, including all 54 African nations. Its official IPO portal says applications are being checked, and final allotments remain pending. East African investors were offered access through a Kenyan global depositary receipt (GDR) programme of about 729mn receipts at KES53.50 each, worth up to KES39bn ($300mn), or almost 19% of the IPO by value if fully subscribed. See IntelliNews: East African investors offered $300mn slice of Nigeria’s Dangote refinery IPO The prospectus permits the company to absorb subscriptions of up to 30% above the base offer, subject to Securities and Exchange Commission (SEC) approval. This would raise gross proceeds to NGN2.798 trillion, or as much as $2.1bn. One of the sources told Reuters that Dangote was expected to exercise the option, although the company has not confirmed whether it will do so. Excess application money must be refunded. The IPO implies a market capitalisation of approximately NGN65.22 trillion after the base offer, compared with NGN63.07 trillion beforehand, or about $48.7bn at the exchange rate implied by the Reuters order-book figures. The new shares represent about 3.3% of the enlarged share capital. Analysts’ valuations differ. GTI Research put fair value at NGN493 per share, about 6% below the offer price, while Renaissance Capital Africa, which is involved in arranging the East African GDR offer, valued the shares at NGN608–697. A $2.5bn private placement, sold in stages from June and completed in July, was 3.7 times oversubscribed. The placement covered about 6% of the company and was reported to value the refinery at roughly $40bn; Dangote did not disclose the valuation. See IntelliNews: Nigeria’s Dangote refinery completes $2.5bn private placement after strong investor demand Estimated net IPO proceeds of NGN2.111 trillion would cover roughly 11% of a $14.3bn refinery expansion programme. Dangote plans to double refining capacity from approximately 700,000 barrels per day (bpd) to 1.4mn bpd by 2029, subject to financing and construction. The refinery, which cost about $20bn to build and began commercial operations in early 2024, originally had a nameplate capacity of 650,000 bpd. The prospectus showed an after-tax profit of $1.82bn in the first half of 2026, against a $476mn loss for the whole of 2025. Dangote expects to finance the remaining expansion costs through internally generated cash flow and additional financing, including debt, trade and project-finance arrangements. See IntelliNews: Nigeria’s Dangote targets 1.4mn bpd by 2029 as $14.3bn expansion, IPO advance Under the revised indicative timetable, registrars are due to collate applications by November 3 and submit the proposed basis of allotment on November 10. SEC clearance is targeted for November 17, with listing on the Nigerian Exchange (NGX) expected in late November or early December, subject to regulatory approval. See IntelliNews: Nigeria’s Dangote refinery boosts petrol exports 59% as domestic deliveries fall in September

Dangote refinery IPO now closes Tue, Oct 27: ₦525 a share, minimum 10 shares (₦5,250), trading expected early December. How to apply in Nigeria and Kenya.

Nigeria’s Dangote refinery made a $4.73bn net profit in January–September, with the third quarter alone topping the first half, as its $1.6bn IPO was extended to October 27.

Nigeria’s Dangote Petroleum Refinery and Petrochemicals made a net profit of $4.73bn in the nine months to September, implying about $2.9bn in the third quarter alone – more than the $1.82bn it earned in the whole first half. The unaudited results, released on October 13, came a day after the company extended the deadline for what is set to be Africa’s largest share sale. See IntelliNews: Dangote refinery extends $1.6bn Nigeria IPO to October 27 amid strong demand Revenue at the privately held Lagos refinery, controlled by Africa’s richest person Aliko Dangote, rose 144% year on year to $22.48bn from $9.19bn, and the company swung to profit from a loss of $117.2mn in the same period of 2025, according to the unaudited results. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $5.52bn from $627.6mn, lifting the EBITDA margin to 24.56% from 6.83%. Set against the first-half figures, the results imply revenue of about $8.57bn and EBITDA of about $2.92bn in July–September, an EBITDA margin of roughly 34%, compared with about 19% in the first six months of the year. “Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” CEO David Bird said, attributing the improvement to higher throughput, better operational reliability and stronger gross refining margins. Operating cash flow rose to $3.68bn from $364.7mn a year earlier, and the company moved from net debt of $1.73bn at the end of September 2025 to net cash of $650.8mn, with cash holdings of $6.69bn at the end of September. The results were published during the refinery’s initial public offering, which seeks about $1.6bn, rising to $2.1bn if an over-allotment option is exercised, through the sale of 4.1bn shares at NGN525 each. The offer values the company at about $47bn. See IntelliNews: Nigeria clears $1.6bn Dangote Refinery IPO, testing investor appetite at $47bn valuation On October 12 the company extended the application period, which opened on September 14, from October 13 to October 27 with the approval of Nigeria’s Securities and Exchange Commission. It cited strong investor interest across Africa and the need to give investors time to complete account-opening and identity checks. Company founder Aliko Dangote has said subscriptions already exceed the original fundraising target. Collation of returns is scheduled for November 3, with listing on the Nigerian Exchange expected in November. East African investors have been offered about 729mn global depositary receipts at KES53.50 each, worth up to KES39bn ($300mn) if fully taken up – almost 19% of the base offer. Access elsewhere is narrower: Ethiopia’s capital markets regulator has limited participation to qualified investors, and Uganda’s to high-net-worth and professional investors. See IntelliNews: East African investors offered $300mn slice of Nigeria’s Dangote refinery IPO See IntelliNews: Ethiopia limits Dangote refinery’s $1.6bn IPO to qualified investors Net proceeds of about $1.55bn would cover roughly 11% of a planned $14.3bn expansion that would double capacity to 1.4mn bpd by 2029 from 700,000 bpd at the plant, which began processing crude in early 2024. The refinery has benefited this year from disruption to Middle East fuel supplies, which lifted demand for its jet fuel and diesel in Europe and Africa. Aliko Dangote said at the IPO signing in September that the refinery had profited from conflicts in the Middle East and Ukraine. Annualised, the nine-month profit would put the IPO valuation at about 7.5 times earnings. A Reuters Breakingviews column argued the offer price effectively assumes tight diesel and jet fuel markets persist. Feedstock is a further constraint. Finance Minister Taiwo Oyedele said on October 9 that “today we do not have up to 700,000 free crude to give anyone, including Dangote”. The refinery imports about a fifth of its crude: Nigerian supply accounted for 78.3% of its feedstock in January–August, according to CSL Stockbrokers. See IntelliNews: Nigeria cannot allocate full 700,000 bpd of uncommitted crude to Dangote refinery, minister says

Ethiopia’s capital markets regulator has limited participation in Nigeria’s $1.6bn Dangote refinery IPO to qualified investors, barring sales to the general public.

Ethiopia’s capital markets regulator has said investors in the country may take part in Nigeria’s $1.6bn Dangote Petroleum Refinery initial public offering (IPO) only if they meet its qualified-investor criteria, ruling out sales to the general public. The Ethiopian Capital Market Authority (ECMA) issued a notice on October 13 stating that the proposed securities offering must comply with national capital market laws and cannot be marketed to the general public under the qualified-investor exemption, Capital Ethiopia reported. Under the restrictions, no more than 100 qualified investors may participate in an exempt offering unless the regulator grants prior approval. Intermediaries must verify and document investors’ eligibility, while offering materials must explicitly state that the securities are restricted to qualified investors. The offering may not be advertised or marketed in ways that could reach investors who do not meet the criteria. ECMA warned that unauthorised marketing, solicitation or sales could violate Ethiopia’s Capital Market Proclamation No. 1248/2021 and Public Offer and Trading of Securities Directive No. 1030/2024. The authority said its notice followed an inquiry concerning the proposed Ethiopian offering. It did not say how many investors were expected to participate, whether Ethiopia would receive a specific allocation or which intermediaries would handle subscriptions. The IPO has not been registered as a public offering outside Nigeria, leaving cross-border participation subject to each country’s securities rules. Ethiopia’s approach is similar to Uganda’s, where the regulator limited the offer to high-net-worth and professional investors, while Kenya approved retail participation through global depositary receipts. Kenya’s depositary-receipt programme targets up to KES39bn ($300mn), almost 19% of the IPO by value if fully subscribed. See IntelliNews: East African investors offered $300mn slice of Nigeria’s Dangote refinery IPO The restriction means Ethiopian retail savers cannot take part in an offering that Dangote has promoted as an “IPO for the people”, targeting up to 10mn shareholders across Africa. Citi’s (NYSE: C) head of banking for sub-Saharan Africa, Akin Dawodu, said the offering could encourage widaer participation in African equity markets. “Something like (Dangote) brings people back to the market,” he told Reuters on October 12. The Nigerian company is offering 4.1bn ordinary shares at NGN525 each. Net proceeds of about $1.55bn would cover roughly 11% of a $14.3bn expansion intended to double capacity from 700,000 barrels per day (bpd) to 1.4mn bpd by 2029. The refinery reported a net profit of $1.82bn in the first half of 2026, reversing a loss in 2025. Dangote extended the subscription period by two weeks to October 27 with the approval of Nigeria’s Securities and Exchange Commission, Reuters reported on October 12, to allow more time for cross-border participation and account-opening procedures. The extension does not change Ethiopia’s eligibility rules. See IntelliNews: Dangote refinery extends $1.6bn Nigeria IPO to October 27 amid strong demand The offering could raise up to about $2.1bn if the company exercises its option to issue up to 30% more shares, according to a presentation at the IPO signing ceremony. Dangote’s refinery in Ibeju-Lekki near Lagos began operations in 2024 and was developed at an estimated cost of $20bn. Ethiopia’s capital market remains in its infancy. The Ethiopian Securities Exchange launched in January 2025 and had four listed companies by mid-2026, while ECMA granted its first foreign investment banking licence, to Nigeria’s United Capital (NGX: UCAP), in June. See IntelliNews: Ethiopia grants first foreign investment banking licence to Nigeria’s United Capital ECMA stressed that permission for qualified-investor participation would not constitute an endorsement of the securities or a guarantee of their financial performance.

Dangote Petroleum Refinery extends its $1.6bn Nigerian IPO to October 27, targeting expansion to 1.4mn bpd as retail demand grows.

The Kenyan Capital Markets Authority approved a global depositary receipt structure, enabling locals to buy Nigerian refinery shares. President Ruto has been ordered to disclose the deal details within 14 days.

Kenya’s capital markets regulator has approved a structure allowing eligible Kenyan investors to participate in the initial public offering of Nigeria’s Dangote Petroleum Refinery & Petrochemicals through Global Depositary Receipts (GDRs), The Star reported on October 5. The Capital Markets Authority approved a short-form prospectus submitted by Renaissance Capital Kenya, enabling investors to gain exposure to the Nigerian refinery without directly buying and holding its Nigerian-listed shares. Under the structure, Kenyan investors subscribe through Renaissance Capital Kenya, which arranges for the corresponding funds to be used to acquire shares in the Nigerian IPO through its arrangements with Renaissance Capital Africa. The GDRs do not yet exist or trade on the Nairobi Securities Exchange (NSE). The Dangote Petroleum Refinery IPO opened on September 14 and closes on October 13. Dangote is offering 4.1bn ordinary shares at NGN525 each, targeting about NGN2.15 trillion ($1.6bn), in what is set to be Africa’s largest IPO. Once the offer closes, shares allocated to the Renaissance structure would back GDRs issued to Kenyan investors. Any subsequent NSE listing remains subject to sufficient share allocation and the required Nigerian regulatory approval. No listing date has been announced. Dangote plans to use the IPO proceeds towards a $14.3bn expansion that would double the refinery’s processing capacity to 1.4mn barrels per day (bpd) from about 700,000 bpd. The public offer follows a $2.5bn private placement completed in July that brought outside investors into the refinery ahead of the IPO. Demand for that placement was 3.7 times the original offer size. MyStocks Research said the central valuation question is whether the refinery can sustain the strong margins recorded in the first half. It puts the offer at about 13.1 times annualised first-half earnings, rising to 19.3 times under a lower mid-cycle refining-margin scenario, while noting that the post-offer free float would be about 3.3%. The underlying refining-margin and valuation risks would also apply to Kenyan GDR holders, while liquidity in the receipts will depend on trading once they are listed on the NSE. The CMA stressed that approval of the prospectus does not constitute an investment recommendation and advised investors to seek professional advice because GDRs differ from conventional NSE securities. The authority said it is the first transaction approved under Kenya’s GDR/GDN framework, opening a channel for Kenyan investors to participate in large share offerings elsewhere in Africa. “CMA wishes to clarify that the DPRP IPO relates only to Dangote Petroleum Refinery & Petrochemicals FZE based in Nigeria, and at this time, is not an offer of shares in the Dangote East African Petroleum Refinery and Petrochemicals project in Lamu County,” the authority said. Dangote broke ground in September on the planned $16bn, 700,000-bpd Lamu refinery, which has since faced legal challenges over project land and proposed state involvement. See IntelliNews: Dangote's $16bn Kenya refinery faces second legal challenge over state stake

Kenyan investors can gain exposure to Dangote Petroleum Refinery’s Nigerian IPO through GDRs backed by allocated shares, with any subsequent NSE listing still subject to share allocation and Nigerian regulatory approval.

DMEA - Downstream Middle East & Africa A Kenyan court has ordered parties to maintain the status quo on disputed land earmarked for Aliko Dangote’s $15bn-$16bn Lamu refinery until mid-October, on the eve of the project’s groundbreaking. The Malindi Environment and Land Court told the parties to maintain the “status quo prevailing” on the plot until a hearing on October 14, Reuters reported on September 29. The order, issued by Justice Jane Onyango, is dated September 25 but was made public on September 28. The suit was brought by Salim Tima Swale and 132 other residents of Chandavai in Lamu County, who say the land is ancestral and that their families have farmed it and built homes, mosques and shrines there for generations, The Star reported. They say state officials and agents of the Lamu Port-South Sudan-Ethiopia Transport corridor authority destroyed their crops in August 2024 without notice or compensation and want to be paid before the state takes possession. Dangote Industries is among the respondents. Dangote Group, the Nigerian conglomerate behind the project, said the ceremony could still take place. “The court has not halted the groundbreaking ceremony of the refinery at this stage. However, activities at the site may be affected by the ruling as both parties are required not to carry activities until the case is heard on 14th October,” the company said in a statement. The order does not expressly halt the September 30 groundbreaking, but it could constrain activity on the disputed site pending the October 14 hearing. The order was signed on the same day that President William Ruto, visiting Dangote’s refinery near Lagos, said the government had secured the land required for the project. See IntelliNews: Kenya fast-tracks Dangote’s $16bn Lamu refinery before September 30 groundbreaking The dispute follows an earlier challenge to the consultation process in July, while residents involved in the latest case say they support investment but want land rights, compensation and resettlement resolved before construction proceeds. Residents protested in Lamu on September 29, demanding compensation and a resettlement plan, while Kenyans.co.ke reported that police used tear gas to disperse demonstrators. The government says the event will go ahead. Speaking in Kilifi on September 29, Ruto said the refinery would be launched the next day and accused opponents of trying to derail the project. “There are people who think they can sabotage the investment in this refinery,” he said, according to state broadcaster KBC. Energy Cabinet Secretary Opiyo Wandayi also said the launch would proceed, while The Star reported that the court had declined to certify the application as urgent and had not stopped the groundbreaking itself. The planned 700,000-barrel-per-day refinery is intended to replicate in East Africa the scale and regional fuel-supply role of Dangote’s refinery near Lagos. Kenya has no current commercial crude production, while potential regional supplies from Uganda, South Sudan and Kenya remain constrained by infrastructure, development and geopolitical factors, leaving imported seaborne crude as the likely initial feedstock unless regional supply arrangements improve. Dangote has hired Engineers India (NSE:ENGINERSIN) for more than $450mn of engineering and project-management work and is targeting completion around 2030. See IntelliNews: Kenya prepares September 30 groundbreaking for $15bn-$16bn Lamu refinery It has also proposed allowing East African governments to take a combined stake of up to 30%, but the project has not reached financial close and crude-supply arrangements remain unresolved. The court order does not prevent the ceremonial launch, but it complicates the shift from announcement to physical execution. Land access, compensation, financing and crude supply all remain unresolved before full construction can proceed.

A 2,930-tonne machinery shipment has arrived in Kenya for the planned Ksh 2 trillion Dangote East Africa Refinery.