Africa’s richest man, Aliko Dangote, has recorded a sharp Dangote wealth surge, with his fortune rising by $19.9 billion to $51.3 billion following the opening of the Dangote Refinery initial public offering.
Figures from the Forbes Real-Time Billionaires List showed that Dangote’s wealth increased by 63.37 per cent, from $31.4 billion on Sunday to $51.3 billion on Monday. The increase also pushed him 40 places higher on the global billionaires ranking, moving from 76th to 36th position.
The rise came as shares in Dangote Refinery and Petrochemicals Free Zone Enterprise began trading through its public offering on the Nigerian Exchange. The refinery is valued at about $50 billion and is seeking to raise approximately N2.15 trillion from investors to fund its expansion programme.
The fundraising forms part of a wider $40 billion expansion plan aimed at increasing the refinery’s crude processing capacity from about 650,000 barrels per day to 1.4 million barrels per day. The offering also gives Nigerian investors an opportunity to acquire an ownership interest in one of the country’s largest industrial projects.
Speaking during the company’s Fact Behind The List programme, Dangote said the refinery’s market value could reach at least $350 billion by 2030. His comments came as the company formally opened the share offer, marking a major step towards broader public ownership of the business.
Under the offer, more than 4.1 billion ordinary shares are being made available at N525 per share. Investors can subscribe to a minimum of 10 shares, costing N5,250, while the offer is scheduled to close on October 13.
The planned expansion is expected to significantly increase the refinery’s processing capacity and strengthen its position within Nigeria’s oil and gas industry. It is also expected to support the company’s broader ambitions in refining, petrochemicals and energy-related businesses.
However, the latest Dangote wealth surge does not represent the value of his refinery stake alone. His $51.3 billion fortune reflects interests across several sectors, including cement, sugar, banking, oil and gas and other businesses under the Dangote conglomerate.
The sharp increase in Forbes’ valuation therefore comes against the backdrop of a major capital-market transaction involving one of Dangote’s most significant businesses. The IPO is expected to raise domestic capital for the refinery while expanding public participation in the investment.
With the latest increase, Dangote has entered the top 40 wealthiest people globally, ranking 36th on the Forbes Real-Time Billionaires List.
