Dangote Petroleum Refinery and Petrochemicals has appointed Turkish finance executive Betül Sarıkaya as its Chief Financial Officer (CFO), following the closure of its approximately $1.6 billion initial public offering (IPO) on October 27, 2026, as the Nigerian energy giant prepares for its next phase of expansion.
Sarıkaya brings more than 20 years of experience in corporate finance, treasury, risk management and energy-sector operations. She began her career at PwC in 2005, working in its Turkish and United States offices before joining Azerbaijan’s state-owned energy group SOCAR in 2013.
During her time at SOCAR Türkiye, she held senior positions including Director of Internal Audit, Finance Director of STAR Refinery and Chief Financial Officer of SOCAR Türkiye. She also served in governance and audit roles at energy-sector companies, including the Trans-Anatolian Natural Gas Pipeline project.
In October 2024, Sarıkaya became the founding CFO of the Turkic Investment Fund, where she oversaw financial management and institutional development. The fund announced her departure in August 2026 ahead of her move to Dangote.
Her appointment comes as Dangote Refinery transitions from its IPO process towards the next stage of its growth strategy. The offer, which opened on September 14 and was extended to October 27, involved 4.1 billion ordinary shares priced at 525 naira each.
The company is now working through the allocation process. Under its revised timetable, the proposed basis of allotment is scheduled for submission to Nigeria’s Securities and Exchange Commission on November 10, with regulatory clearance targeted for November 17.
The IPO also opened a route for Kenyan investors to participate through global depositary receipts (GDRs), with the Capital Markets Authority approving the local prospectus arrangements. The receipts are expected to trade on the Nairobi Securities Exchange after the underlying shares have been allocated and the required approvals obtained.
Sarıkaya joins at a critical stage as Dangote pursues plans to expand the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day, positioning the facility for a larger role in Africa’s petroleum market.
