Africa’s Richest Man Dangote’s Wealth Surges 63% to $51.3bn After Refinery IPO
Aliko Dangote’s estimated net worth has jumped by $19.9 billion to $51.3 billion following the launch of the initial public offering of his Lagos-based oil refinery.
According to Forbes’ Real-Time Billionaires List, Dangote’s fortune rose 63.37 per cent from $31.4 billion on Sunday to $51.3 billion on Monday, moving him from 76th to 36th on the global wealth ranking.
The increase coincided with the commencement of the Dangote Petroleum Refinery’s IPO on the Nigerian Exchange. The company is seeking to raise about ₦2.15 trillion through the sale of more than 4.1 billion shares at ₦525 each.
The offering values the refinery at roughly $50 billion and is aimed at funding an expansion that would increase its crude-processing capacity from about 650,000 barrels per day to 1.4 million barrels per day.
The IPO is Africa’s largest and gives retail investors an opportunity to acquire shares in one of the continent’s biggest industrial projects. The minimum subscription is 10 shares, costing ₦5,250, while the offer is scheduled to close on October 13.
The refinery has also recorded a sharp financial turnaround. Reuters reported that it generated $1.82 billion in net profit during the first half of 2026, on revenue exceeding $13 billion, reversing a $476 million loss recorded in the same period of 2025.
However, Dangote’s $51.3 billion estimated fortune is not derived solely from the refinery. His wealth also reflects holdings across cement, sugar, banking, oil and gas and other businesses within the Dangote conglomerate.
The IPO marks a significant shift for the refinery as it moves from private ownership towards broader participation through Nigeria’s capital market.
