Dangote’s wealth climbs to $51.3bn as refinery IPO begins
Aliko Dangote, founder of the Dangote Group and president of Dangote Refinery, has seen his estimated net worth surge to $51.3 billion following the commencement of the refinery’s initial public offering (IPO).
According to Forbes’ Real-Time Billionaires ranking, Dangote’s wealth increased by 63.37 percent, rising from $31.4 billion on Sunday to $51.3 billion on Monday.
The $19.9 billion increase pushed the Nigerian billionaire from 76th to 36th position on the global billionaire rankings.
The sharp rise in his wealth comes as Dangote Refinery begins its IPO on the Nigerian Exchange (NGX). The company is seeking to raise N2.15 trillion through the offering to finance its expansion plans, which are estimated at about $40 billion.
As part of the expansion programme, the refinery plans to more than double its production capacity, increasing output from its current 650,000 barrels per day to 1.4 million barrels per day.
The refinery has been valued at approximately $50 billion, equivalent to more than N60 trillion based on the exchange rate cited at the time.
Speaking during the company’s “Fact Behind The List” programme, Dangote projected that the refinery’s market valuation could reach at least $350 billion by 2030.
Under the IPO, investors can subscribe to more than 4.1 billion ordinary shares at N525 per share. The minimum subscription is set at 10 shares, requiring an investment of N5,250. The offer is scheduled to close on October 13.
Dangote’s estimated $51.3 billion fortune is spread across several sectors, with investments spanning cement, sugar, banking, oil and gas, among other businesses.
The latest increase further strengthens his position as Africa’s richest person and places him among the world’s wealthiest individuals
