Renaissance Capital Raises Dangote  Refinery’s Valuation By 33.4% to N700

Renaissance Capital Africa has raised its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, a potential 33.4 per cent upside from the refinery's initial public offering price of N525 per share. The investment research firm attributed the revised valuation to stronger refining margins and better-than-expected financial and operational performance in the first nine months of 2026, with revenue, EBITDA and net profit all exceeding its projections. The update was titled "Stronger Refining Margins Drive Earnings Outperformance." The report also noted that the refinery's IPO drew subscriptions from over 90 nations globally, with 51 African nations participating.

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