Africa’s richest man, Aliko Dangote, has recorded a sharp Dangote wealth surge following the commencement of the Dangote Refinery’s initial public offering, IPO.
According to Forbes’ Real-Time Billionaires List, Dangote’s fortune rose from $31.4 billion on Sunday to $51.3 billion on Monday. The increase represents a 63.37 per cent rise, adding about $19.9 billion to his estimated wealth.
The latest valuation also moved Dangote 40 places higher on Forbes’ global billionaires ranking. He climbed from 76th position to 36th, placing him among the world’s 40 richest people.
The Dangote wealth surge came as Dangote Refinery formally opened its share offering on the Nigerian Exchange, NGX, on Monday.
The refinery has been valued at about $50 billion and is seeking to raise ₦2.15 trillion through the IPO. The funds are expected to support the company’s expansion programme and strengthen its production capacity.
The fundraising is part of a broader $40 billion expansion plan. Under the plan, the refinery’s production capacity would rise from 650,000 barrels per day to 1.4 million barrels per day.
More than 4.1 billion ordinary shares are being offered at ₦525 per share. Investors can subscribe for a minimum of 10 shares, costing ₦5,250. The offer is scheduled to close on October 13.
Speaking during the company’s Fact Behind The List programme, Dangote said the refinery’s market valuation could reach at least $350 billion by 2030.
His projection came as the company began offering shares to investors, marking a major step towards wider public ownership of the refinery.
The IPO is expected to provide investors with an opportunity to acquire stakes in one of Nigeria’s largest private-sector industrial projects.
The planned expansion would also significantly increase crude processing capacity and reinforce the refinery’s position within Nigeria’s oil and gas industry.
The Dangote wealth surge does not represent the value of his refinery stake alone. Forbes’ $51.3 billion estimate reflects Dangote’s interests across several businesses within his conglomerate. These include cement, sugar, banking, oil and gas, among other investments.
The refinery’s IPO therefore comes at a time when the broader value of Dangote’s business interests is being reassessed alongside a major capital-market transaction.
The offering is also expected to mobilise substantial domestic capital for the refinery’s expansion while increasing public participation in one of Nigeria’s biggest private-sector investments.
With his latest valuation, Dangote has now moved into the top 40 wealthiest people globally on Forbes’ Real-Time Billionaires List.
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