Aliko Dangote’s net worth has surged by 63.37 percent to $51.3 billion following the launch of the initial public offering (IPO) of Dangote Refinery on the Nigerian Exchange (NGX).
According to Forbes’ Real-Time Billionaires List, Dangote’s wealth increased from $31.4 billion on Sunday to $51.3 billion on Monday, representing a staggering $19.9 billion gain in just one day. The jump also pushed the Nigerian billionaire from 76th to 36th position on the global billionaires ranking.
The sharp increase came as Dangote Refinery, valued at about $50 billion, commenced its IPO on the NGX. The refinery is seeking to raise N2.15 trillion from the offering to support Dangote Group’s wider $40 billion expansion plan, including increasing the refinery’s production capacity from 650,000 barrels per day to 1.4 million barrels per day.
The IPO, which closes on October 13, offers investors more than 4.1 billion ordinary shares at N525 per share. The minimum subscription is 10 shares, requiring an investment of N5,250. Speaking at the company’s ‘Fact Behind The List’ programme, Dangote said he expects the refinery’s market valuation to reach at least $350 billion by 2030.
Dangote’s latest wealth surge further strengthens his position as Africa’s richest person, with his fortune spread across key sectors including cement, sugar, banking, and oil and gas. The refinery’s IPO marks another major milestone for the billionaire, as investors assess the potential of one of Nigeria’s biggest industrial projects and its planned expansion in the coming years.
source: The cable
