Dangote’s Net Worth Jumps $19.9bn to $51.3bn After Refinery IPO

Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has seen his net worth increase by $19.9 billion to $51.3 billion following the commencement of the Initial Public Offering (IPO) of Dangote Refinery.

According to the Forbes Real-Time Billionaires List, Dangote’s wealth rose by 63.37 per cent, from $31.4 billion on Sunday to $51.3 billion on Monday.

The increase moved him 40 places higher on the global billionaires’ ranking, from 76th to 36th position.

The sharp rise coincided with the commencement of the Dangote Refinery IPO on the Nigerian Exchange (NGX).

The refinery, valued at about $50 billion, is seeking to raise ₦2.15 trillion through the share offering to finance its expansion plans.

As part of a broader $40 billion expansion programme, the refinery plans to increase its production capacity from the current 650,000 barrels per day to 1.4 million barrels per day.

Under the IPO, more than 4.1 billion ordinary shares are being offered at ₦525 per share. The minimum subscription is 10 shares, costing ₦5,250, while the offer is expected to close on October 13, 2026.

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.

However, Dangote’s $51.3 billion fortune is not based solely on his stake in the refinery. His wealth also comes from investments in cement, sugar, banking, oil and gas, and other businesses within the Dangote Group.

The latest valuation has pushed Dangote into the top 40 richest people in the world, according to Forbes.

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