Africa
Dangote Jumps to $51.3bn Fortune as Refinery IPO Begins
Dangote’s fortune jumps $19.9bn to $51.3bn as his refinery begins a ₦2.15tn IPO aimed at funding its expansion to 1.4 million barrels per day.
LAGOS — Aliko Dangote’s fortune has surged by $19.9 billion to $51.3 billion as shares in Dangote Refinery opened for subscription on the Nigerian Exchange, NGX.
Forbes’ Real-Time Billionaires List showed that the Dangote Industries Limited president’s wealth climbed 63.37 per cent from $31.4 billion on Sunday to $51.3 billion on Monday.
The increase propelled Dangote 40 places up the global billionaires’ ranking, from 76th to 36th.
The jump came on the same day Dangote Refinery formally commenced its initial public offering, IPO, in a major capital-market transaction.
Valued at about $50 billion, the refinery is seeking to raise ₦2.15 trillion from the offer to finance its expansion programme.
The fundraising is part of a wider $40 billion expansion plan aimed at increasing the facility’s production capacity from 650,000 barrels per day to 1.4 million barrels per day.
The IPO will also allow investors to take an ownership stake in one of Nigeria’s biggest industrial projects.
At the company’s Fact Behind The List programme, Dangote said the refinery could attain a market valuation of at least $350 billion by 2030.
The share offering represents a significant milestone in the refinery’s transition into a publicly traded company.
More than 4.1 billion ordinary shares are being offered at ₦525 each, with a minimum subscription of 10 shares costing ₦5,250. The offer is scheduled to close on October 13.
The planned expansion is expected to significantly increase the refinery’s crude processing capacity and further consolidate its position in Nigeria’s oil and gas sector.
Dangote’s wealth extends beyond refinery stake
Despite the timing of the wealth surge, Dangote’s $51.3 billion fortune is not derived solely from his interest in the refinery.
His wealth reflects investments across cement, sugar, banking, oil and gas, as well as other businesses under the Dangote conglomerate.
The latest Forbes valuation therefore represents the broader value of his business interests at a time when Dangote Refinery is undergoing a major capital-market transaction.
The IPO is expected to mobilise substantial domestic capital for the refinery’s expansion while widening public participation in one of Nigeria’s largest private-sector investments.
The latest increase has also taken Dangote into the top 40 wealthiest people in the world on Forbes’ Real-Time Billionaires List.
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