Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has seen his net worth rise 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 increased by 63.37 per cent, from $31.4 billion on Sunday to $51.3 billion on Monday.
The surge moved him 40 places higher on Forbes’ global billionaires’ ranking, from 76th to 36th.
The sharp increase coincided with the opening of the Dangote Refinery’s 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 fund its expansion programme.
The broader expansion plan, estimated at $40 billion, includes increasing the refinery’s capacity from its current 650,000 barrels per day to 1.4 million barrels per day.
Speaking during the company’s Fact Behind The List programme, Dangote said the refinery’s valuation could rise to at least $350 billion by 2030.
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 scheduled to close on October 13.
Dangote’s latest fortune, however, reflects his interests across the wider Dangote conglomerate, including cement, sugar, banking, oil and gas and other businesses.
The IPO is expected to raise substantial domestic capital for the refinery’s expansion while giving investors an opportunity to acquire stakes in one of Nigeria’s largest private-sector industrial projects.