Renaissance Capital Boosts Dangote Refinery Valuation

Renaissance Capital has increased its valuation of the Dangote refinery to N700 per share, marking a significant rise from its previous estimate.

The updated valuation follows an October 16 report by Renaissance Capital, which highlighted improved refining margins and operational performance as key factors driving the refinery's financial results.

According to the refinery's financial results, revenue for the nine months ended September 30, 2026, reached $22.5 billion, a 144 percent increase compared to $9.2 billion in the same period of 2025.

The refinery's operating cash flow rose to $3.68 billion, up from $364.7 million, and its financial position improved to net cash of $650.8 million in September 2026, compared to net debt of $1.73 billion in September 2025.