Dangote’s wealth surges 63% to $51.3bn after refinery IPO

LAGOS — 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 lifted Dangote 40 places on Forbes’ global billionaires’ ranking, from 76th to 36th.

The sharp rise in his wealth coincided with the commencement of the IPO of Dangote Refinery on the Nigerian Exchange, NGX, on Monday.

The refinery, which has been valued at about $50 billion, is seeking to raise ₦2.15 trillion through the offering to support its expansion programme.

The fundraising forms part of a broader $40 billion expansion plan that includes increasing the refinery’s production capacity from its current 650,000 barrels per day to 1.4 million barrels per day.

The IPO is also expected to provide investors with an opportunity to acquire an ownership stake in one of Nigeria’s largest industrial projects.

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.

The billionaire’s comments came as the refinery formally opened its share offering to investors, marking a significant step in the company’s transition into a publicly traded business.

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 at ₦5,250, while the offer is scheduled to close on October 13.

The refinery’s expansion plan is expected to increase its crude processing capacity substantially and strengthen its position in Nigeria’s oil and gas industry.

Dangote’s latest valuation, however, is not solely based on his stake in the refinery. His $51.3 billion fortune is derived from investments spanning cement, sugar, banking, oil and gas and other businesses within the Dangote conglomerate.

The sharp increase in his Forbes valuation therefore reflects the broader value of his business interests, coming at a time when the refinery is undergoing a major capital-market transaction.

The IPO is expected to raise substantial domestic capital for the refinery’s expansion while deepening public participation in one of the country’s biggest private-sector investments.

With the latest increase, Dangote has moved into the top 40 wealthiest people globally on the Forbes Real-Time Billionaires List.