GTI Values Dangote Refinery Below IPO Price as Valuation Debate Intensifies

Research firm GTI has valued Dangote Refinery at ₦493 per share, below the ₦525 IPO offer price, intensifying a valuation debate around Africa's largest-ever public listing. The divergence between analyst and offer-price assessments adds complexity to an IPO that has already drawn heavy retail demand and tokenised subscriptions.