Omanghana
Nigerian industrialist Aliko Dangote’s estimated net worth has climbed to $51.3 billion, according to Forbes’ real-time billionaire tracker, following the launch of the initial public offering of Dangote Petroleum Refinery and Petrochemicals.
The increase strengthens Dangote’s position as Africa’s richest person and the world’s wealthiest Black billionaire. Forbes now places him around 36th on its global billionaires ranking, putting him ahead of several prominent international technology and retail entrepreneurs.
The rise in his fortune coincided with strong public interest in the refinery’s share sale on the Nigerian Exchange. The offering consists of 4.1 billion new ordinary shares priced at ₦525 each, giving investors a minimum subscription of 10 shares valued at ₦5,250.
If fully subscribed, the public offering is expected to raise approximately ₦2.15 trillion, equivalent to about $1.6 billion. It is set to become Africa’s largest initial public offering and one of the most significant transactions in the history of the continent’s capital markets.
The share price places the refinery’s overall valuation at approximately ₦63 trillion, or between $47 billion and $49 billion. The valuation represents a substantial increase from the roughly $40 billion assigned to the business during an earlier private placement involving institutional investors.
The refinery, constructed at an estimated cost of $20 billion, has also recorded a major financial turnaround. It reported a net profit of about $1.82 billion during the first half of 2026, reversing losses recorded in the previous year.
Proceeds from the IPO are expected to support the company’s expansion plans, including efforts to double its refining capacity to 1.4 million barrels per day. The project is also intended to strengthen Nigeria’s position as an exporter of refined petroleum products and reduce the country’s historical dependence on imported fuel.
Dangote has described the share sale as a “people’s IPO,” saying it is intended to give ordinary Nigerians and other African investors an opportunity to own part of the refinery and participate in its future growth.
The offer opened on September 14, 2026, and is expected to close on October 13, subject to the conditions outlined in the prospectus. Trading in the refinery’s shares is scheduled to begin on the Nigerian Exchange later in the year.
Source: Omanghana
