Renaissance Capital Raises Dangote Refinery’s Valuation By 33.4% to N700
51 African Nations Participate in Dangote Refinery’s Initial Public Offer Firm says subscriptions received from over 90 nations globally Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Renaissance Capital Africa (RCA) has
Renaissance Capital has increased its valuation of Dangote Refinery's IPO to N700.41 per share, reflecting a potential 33.4% increase from the initial offering price of N525 per share. The firm cites stronger refining margins and performance surpassing expectations as the key reasons for the revised valuation. In the nine months leading up to September 2026, Dangote Petroleum Refinery achieved revenue of $22.5 billion and net profit of $4.7 billion, indicating a remarkable turnaround from the $117.2 million loss incurred in the same period of the previous year.
The company's revenue surged by 144%, reaching $9.2 billion, while its EBITDA expanded nearly nine times to $5.5 billion. These gains translated into a substantial increase in operating cash flow, more than doubling to $3.68 billion. These robust financial results have bolstered the refinery's balance sheet, moving from a net debt of $1.73 billion in September 2025 to a net cash position of $651 million by September 2026.
The IPO has garnered overwhelming support from investors across 51 African nations and the global investment community, making it Africa's first comprehensive pan-African public offering. This scale of participation underscores the continent's growing confidence in industrial development and investors' eagerness to take ownership of strategically significant assets.
The transaction is set to close on October 27, 2026, with the company intensifying investor education and engagement in major markets to ensure comprehensive inclusion.
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