Dangote profits from Europe fuel crunch as IPO tests investor appetite

A year ago, Dangote Petroleum Refinery was bleeding money. Now it’s Europe’s top jet fuel supplier and launching the biggest IPO in Nigerian history. The refinery, owned by Africa’s richest man Aliko Dangote, posted a net profit of $1.82 billion in the first half of 2026 on revenues exceeding $13 billion. That’s a stark reversal from a net loss of $476 million in 2025. From loss-maker to lifeline The profit surge traces directly back to geopolitics. Tensions around the Strait of Hormuz and the broader Iran conflict have squeezed global fuel supply chains since early 2026, leaving Europe scrambling for alternative sources of jet fuel and middle distillates. In the second quarter of 2026, Europe imported roughly 80,000 barrels per day of jet fuel from the Nigerian refinery. That volume accounted for about 13% of the continent’s supply shortfall during the period, making Dangote the single largest supplier filling Europe’s deficit. Inventories in Northwest Europe have dropped to 12-year lows. The refinery hit full capacity of over 700,000 barrels per day in February 2026, processing between 650,000 and 700,000 bpd on a sustained basis. The people’s IPO Dangote launched an IPO on the N...