Aliko Dangote’s Net Worth Hits $51 Billion After Refinery IPO Launch

Aliko Dangote, founder of the Dangote Group and president of Dangote Refinery, has seen his net worth rise to $51.3 billion.

According to Forbes’ Real-Time Billionaires List, Dangote’s fortune increased by 63.37 percent, rising from $31.4 billion on Sunday to $51.3 billion on Monday.

The nearly $20 billion increase in his wealth also pushed him higher on the global billionaire rankings.

Dangote moved from 76th position to 36th on the list.

The rise in his fortune came as Dangote Refinery began its initial public offering on the Nigerian Exchange.

The refinery is valued at about $50 billion, or more than N60 trillion based on the September 4 exchange rate.

The company hopes to raise N2.15 trillion from the IPO to support its $40 billion expansion plan.

The expansion is expected to increase the refinery’s production capacity from 650,000 barrels per day to 1.4 million barrels per day.

Speaking at the company’s “Fact Behind the List” programme, Dangote said he expects the refinery’s market value to reach at least $350 billion by 2030.

The IPO, which opened on Monday and will close on October 13, offers more than 4.1 billion ordinary shares at N525 per share.

Investors can buy a minimum of 10 shares for N5,250.

Aliko Dangote’s $51.3 billion fortune is spread across several sectors, including cement, sugar, banking, oil and gas.

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