Nigerian downstream giant Dangote Petroleum Refinery has closed its public offer (IPO). It is now bringing Africa’s industrial ambitions onto investors’ balance sheets. The outcome is already substantial. However, questions remain about the investment case. Yes, a refinery can transform a country’s energy security. However, it can still deliver disappointing returns to shareholders, especially if they pay too much for earnings that prove temporary. After the October 27 celebrations, this distinction matters. Applications are still…

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