LAGOS — Renaissance Capital Africa has valued Dangote Petroleum Refinery at N700.41 per share, about 33 per cent above the N525 price of its ongoing initial public offering. In a note dated 16 October, the firm said the refinery's earnings in the first nine months of 2026 were stronger than expected because of higher refining margins. It expects gross refining margins of $27.50 per barrel in 2026, up from $24. The refinery reported nine-month EBITDA of $5.5 billion and a net profit of $4.7 billion. Razaq Fatai, research director at Vestance, cautioned retail investors against relying on the figure. He said the valuation assumes that capacity will double to 1.4 million barrels per day by 2029 at a cost of about $14 billion and that current high margins will last. He also noted that Renaissance Capital is one of the joint issuing houses on the offer, and pointed to a lower fair value of about N493 per share published by GTI Capital.