Podcasts · The Mwango Capital Podcast
Understanding the Dangote Refinery IPO
· 52 min
Episode Understanding the Dangote Refinery IPO
In this episode recorded on September 17, 2026, we sit down with Samuel Sule (CEO, Renaissance Capital Africa) and Divine Ulamasi (Analyst, Renaissance Capital Africa) to dissect the investment thesis behind the Dangote Refinery IPO. We explore Nigeria's broader macroeconomic shift following fuel subsidy removals and naira liberalisation, the refinery's high Nelson Complexity Index rating and $2.40 per barrel cash operating cost target, Phase Two expansion plans, the structural gross refining margin advantage, and the cross-border access channels being built for retail and institutional investors across East Africa.
Show Notes
00:00:00 Introduction
00:02:36 Overview of the Nigeria Market
00:09:27 Nigeria Oil History and Building of the Dangote Refinery
00:15:35 Investment Thesis and Business Model
00:25:19 Valuation
00:28:05 Risks
00:32:40 IPO Terms and Demand
00:39:16 Dividend Outlook
00:47:06 How to Participate in the IPO
00:48:11 Key Takeaways
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