The Dangote Petroleum Refinery and Petrochemicals reduced its secured debt by approximately N798 billion ($570 million) in the first half of 2026, bringing outstanding obligations to about N7.9 trillion ($5.67 billion). The reduction came as the 700,000-barrel-per-day facility ramped up production and strengthened cash generation ahead of a planned Initial Public Offering. According to the company’s prospectus, total debt fell from $6.24 billion at the end of December 2025 to $5.67 billion by the end of June 2026. Aliko Dangote is set to retain 84.34% control of the refinery after the planned N2.15 trillion IPO.
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