Dangote Defends Refinery’s $46 Billion Valuation Ahead of IPO

By ADBN TV

September 14, 2026

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President of Dangote Industries, Aliko Dangote, has defended the roughly $46 billion valuation of the Dangote Petroleum Refinery ahead of its public offering.

Dangote says the refinery’s earnings projections are based on normal market conditions and do not depend on exceptional refining margins resulting from the ongoing conflict in the Middle East.

Speaking ahead of the IPO, Dangote put the company’s valuation at approximately $46.3 billion, expressing confidence in the refinery’s long-term earnings potential.

The refinery recorded about $1.82 billion in profit in the first half of 2026, compared with a full-year loss of $476 million in 2025.

Dangote says the first-half figures do not fully reflect the refinery’s operating potential because January and February were largely devoted to testing, with significant operations taking place from March.

He says investors will have an opportunity to assess the refinery’s nine-month financial results before the public offer is concluded.

The refinery is offering 4.1 billion shares at ₦525 each, with the base offer expected to raise about ₦2.15 trillion.

The company is also pursuing a $14.3 billion expansion plan aimed at increasing refining capacity to 1.4 million barrels per day by 2029.