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

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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.

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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.

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

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

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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.

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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.

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

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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.

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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.

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Under the IPO, more than 4.1 billion ordinary shares of Dangote Refinery are being offered at ₦525 per share.

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The minimum subscription is 10 shares at ₦5,250, while the offer is scheduled to close on October 13.

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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.

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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.

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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.

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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.

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

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