Dangote Group will begin work on its proposed $17 billion oil refinery in Kenya by the end of September, as Africa’s biggest oil-refining business expands its operations from West Africa into East Africa. Aliko Dangote, President of Dangote Group, disclosed this on Monday during the opening of the initial public offering of Dangote Petroleum Refinery …
Nigeria’s crude oil and condensate production rose marginally to 1.68 million barrels per day (mbpd) in August 2026, as improved operations at key assets helped the country sustain its recent production gains. According to a statement signed by the spokesperson of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, the August output of 1,677,777 …
Nigeria’s crude oil production fell by 5,000 barrels per day (bpd) to 1.50 million bpd in August 2026, according to the latest data from the Organisation of the Petroleum Exporting Countries (OPEC). The figure, contained in OPEC’s September 2026 Monthly Oil Market Report, showed that output declined from 1.505 million bpd in July, marking the …
Dangote Petroleum Refinery has warned that a return of petrol subsidies or fuel price controls could squeeze its refining margins, disrupt demand and make revenue forecasting more difficult. The warning was contained in the refinery’s prospectus for its proposed initial public offering (IPO), released on Thursday, where the company identified uncertainty in government fuel-pricing policies …
The Dangote Refinery’s planned initial public offering (IPO) will widen its shareholder base without significantly altering its ownership structure. As existing major shareholders will retain their holdings, the new public investors will take up a small stake in the enlarged company, Pinnacle Daily analysis shows. According to the Dangote Petroleum Refinery and Petrochemicals Free Zone …
Nigerian motorists may face another round of petrol price hikes as international crude oil prices surge above $100 per barrel, amid deepening tensions in the Middle East. The sharp rise in global oil prices is putting renewed pressure on Nigeria’s downstream petroleum market, where petrol prices are increasingly influenced by crude acquisition costs, foreign exchange …
Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP) is positioning its planned ₦2.11 trillion initial public offering (IPO) as growth capital rather than a means of extracting cash from the business. A review of the refinery's prospectus seen by Pinnacle Daily shows that the entire net proceeds will be invested in expanding its refining …
Dangote Petroleum Refinery and Petrochemicals FZE has moved from heavy losses during its early operating phase to substantial profitability in 2026. The turnaround marks a major shift in the economics of Africa’s biggest single-train refinery, Pinnacle Daily analysis shows. According to the refinery’s prospectus, the company recorded a profit after tax of ₦2.50 trillion, equivalent …
Nigeria plans to hold at least one oil licensing round every year, with the possibility of twice-yearly auctions, as the Federal Government steps up efforts to revive upstream activity and raise crude production to three million barrels per day by 2030. The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, …
President of Dangote Industries Limited, Aliko Dangote, on Monday said the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE is designed to give ordinary Nigerians and Africans an opportunity to own a stake in the massive industrial facility. Dangote disclosed this in Lagos while signing the IPO registration documents, describing the …
