Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has seen his net worth surge by $19.9 billion to $51.3 billion following the commencement of the initial public offering (IPO) of Dangote Refinery.
According to Forbes’ Real-Time Billionaires List, Dangote’s fortune rose 63.37 per cent, from $31.4 billion on Sunday to $51.3 billion on Monday.
The increase propelled him 40 places up Forbes’ global billionaires ranking, from 76th to 36th position.
The sharp rise in Dangote’s estimated wealth coincided with the commencement of the refinery’s IPO on the Nigerian Exchange (NGX) on Monday.
Dangote Refinery, which has been valued at about $50 billion, is seeking to raise ₦2.15 trillion through the share offering to fund its expansion programme.
The fundraising is part of a broader $40 billion expansion plan aimed at increasing the refinery’s processing capacity from its current 650,000 barrels per day to 1.4 million barrels per day.
The IPO also gives investors an opportunity to acquire an ownership stake in one of Nigeria’s largest industrial projects as the refinery transitions into a publicly traded company.
Speaking during the company’s Fact Behind The List programme, Dangote said the refinery’s market valuation could rise to at least $350 billion by 2030.
His comments came as the refinery formally opened its share offer to investors, marking a major step in its capital-market journey.
Under the IPO, more than 4.1 billion ordinary shares of Dangote Refinery are being offered at ₦525 per share. The minimum subscription is 10 shares, costing ₦5,250, while the offer is scheduled to close on October 13.
The planned expansion is expected to significantly increase the refinery’s crude-processing capacity and strengthen its position in Nigeria’s oil and gas industry.
However, Dangote’s $51.3 billion net worth is not solely attributable to his stake in the refinery. His fortune is derived from investments across cement, sugar, banking, oil and gas, and other businesses within the Dangote conglomerate.
The latest increase in his Forbes valuation therefore reflects the broader value of his business interests and comes as the refinery undergoes a major capital-market transaction.
The IPO is expected to raise substantial domestic capital for the refinery’s expansion while widening public participation in one of Nigeria’s largest private-sector investments.
With the latest increase, Dangote has moved into the top 40 wealthiest people in the world, ranking 36th on Forbes’ Real-Time Billionaires List.
