RismadarVoice Reporters
September 20, 2026
The Vice President, Oil and Gas, Dangote Industries Limited, Edwin Devakumar, has described the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery as an opportunity for investors to participate in the growth of one of Africa’s largest industrial projects.
Mr Devakumar said the refinery’s operational performance, expanding market presence and expected growth in demand for refined petroleum products could translate into long-term value for shareholders.
He spoke while highlighting the investment case for the refinery’s IPO, which he said would open ownership of the business to institutional and retail investors.
According to him, the refinery has commenced profit-making operations and was established to reduce Nigeria’s reliance on imported petroleum products, improve energy security and conserve foreign exchange.
He also said the project was designed to create jobs and position Nigeria as a major supplier of refined petroleum products to markets within Africa and beyond.
“Those investing in the refinery’s ongoing IPO are investing in a business with strong fundamentals, enormous growth potential and a proven capacity to generate sustainable returns,” Mr Devakumar said.
He said the offering was not solely intended to raise funds but would also broaden ownership of the refinery by allowing Nigerians and international investors to participate in its future growth.
Mr Devakumar said proceeds from the IPO would be used to support the refinery’s expansion plans, improve operations, meet working capital needs and fund strategic investments across the petroleum value chain.
He identified the refinery’s integrated operations, production capacity, deep-water port and logistics infrastructure as some of the factors he said could give the company an advantage in the African market.
“The refinery is strategically positioned to serve domestic, regional and international markets. Demand for refined petroleum products across Africa continues to grow, and our scale, efficiency and location provide a unique advantage in capturing these opportunities,” he said.
The executive also highlighted the refinery’s ability to process different grades of crude and produce products including petrol, diesel, aviation fuel, liquefied petroleum gas and petrochemical feedstocks.
He said the diversified product portfolio would provide multiple revenue sources and support the company’s earnings potential.
Mr Devakumar further said Dangote Refinery would maintain high standards of corporate governance, transparency and financial discipline as it transitions into a publicly listed company.
He said shareholders would have access to regular financial disclosures and that management would remain focused on sustainable growth and profitability.
Mr Devakumar expressed optimism about the refinery’s prospects, citing its potential to expand exports and play a larger role in Africa’s energy supply.
He described the IPO as an opportunity for investors to participate in the refinery’s long-term development and said the company expected shareholders to benefit as the business expands.
