Aliko Dangote’s wealth has climbed by nearly $20 billion following the commencement of the initial public offering of Dangote Refinery on the Nigerian Exchange, pushing the Nigerian billionaire into the top 40 richest people in the world.
Forbes’ Real-Time Billionaires List put Dangote’s fortune at $51.3 billion on Monday, up from $31.4 billion a day earlier. The $19.9 billion increase represents a 63.37 per cent rise and moved him from 76th to 36th position on the global ranking.
The surge came as investors began subscribing to shares in Dangote Refinery, which has been valued at about $50 billion. The company is seeking to raise ₦2.15 trillion through the offering as part of an ambitious expansion programme.
Under the IPO, more than 4.1 billion ordinary shares are being offered at ₦525 each. Investors can subscribe for a minimum of 10 shares, costing ₦5,250, while the offer is scheduled to close on October 13.
The fundraising is tied to a wider $40 billion expansion plan aimed at increasing the refinery’s processing capacity from its current 650,000 barrels per day to 1.4 million barrels per day.
Dangote, speaking during the company’s Facts Behind The Offer programme, said the refinery’s valuation could rise substantially in the coming years, potentially reaching at least $350 billion by 2030.
The billionaire’s latest net worth, however, represents more than his interest in the refinery. His fortune is built around investments across cement, sugar, banking, oil and gas and other businesses under the Dangote conglomerate.
The refinery’s public offering is nevertheless expected to broaden ownership of the massive industrial project by allowing Nigerians and other investors to acquire shares. It also marks an important stage in the company’s transition towards becoming a publicly traded business.
The expansion is expected to significantly increase crude processing capacity and strengthen Dangote Refinery’s position in Nigeria’s oil and gas sector.
Dangote’s latest ranking now places him among the world’s 40 wealthiest individuals, following one of the sharpest single-day increases recorded in his Forbes valuation.
The development also comes as the refinery seeks to attract substantial domestic investment to finance its next phase of growth, while giving members of the public a direct stake in one of Africa’s largest industrial ventures.
