Aliko Dangote added $3.3 million to his fortune on Friday as investor attention intensified ahead of the September 14 opening of the planned initial public offering of Dangote Petroleum Refinery.
Data from Forbes’ real-time billionaire tracker showed Dangote’s wealth at $31.5 billion as of September 4, up from $25.6 billion at the end of 2025, representing a gain of about $5.9 billion this year.
The latest $3.3 million increase came as investors assessed the potential impact of the refinery’s planned listing, which could become one of the largest equity offerings in Nigeria and Africa.
Forbes updates billionaire wealth estimates frequently based on movements in publicly traded holdings, while privately held assets are reviewed periodically.
Dangote’s latest wealth increase comes days before investors are expected to begin subscribing to shares in his refinery.
The proposed IPO comprises 4.1 billion ordinary shares priced at N525 each, which could raise approximately N2.15 trillion, or about $1.5 billion, if fully subscribed.
The Securities and Exchange Commission has approved the commencement of the offering and registered the refinery’s existing 120.13 billion ordinary shares.
The IPO will also have a 15 per cent greenshoe option, allowing additional shares to be sold if demand exceeds the base offer.
Forbes, Bloomberg Put Dangote Wealth At Different Levels
The precise value of Dangote’s fortune varies depending on the methodology used by billionaire wealth trackers.
While Forbes puts his wealth at $31.5 billion, the Bloomberg Billionaires Index estimated his fortune at $34.5 billion as of Friday.
The difference reflects how the two platforms value privately held businesses and other assets.
Dangote’s wealth is also exposed to movements in listed companies within his business empire.
Shares of Dangote Cement closed unchanged at N1,034 on Friday, giving the company a market capitalisation of N17.4 trillion. Dangote Sugar Refinery, however, declined 1.39 per cent to N72, with a market value of N874.6 billion.
The Dangote wealth increase has come against a stronger backdrop for Nigerian equities.
The market capitalisation of the Nigerian Exchange rose to N159.6 trillion on Friday, from N157.7 trillion at the start of the week, while the All-Share Index gained 1.14 per cent to 246,992.44.
The five-day rebound added about N1.9 trillion to the value of the Nigerian market.
Nigeria has also reclaimed its position as Africa’s best-performing stock market in dollar terms after being overtaken by Zimbabwe in late July.
The refinery is seeking fresh capital to double its capacity from about 700,000 barrels per day to 1.4 million barrels per day.
Dangote told investors and analysts in Botswana that expanding the refinery’s capacity remains a key ambition for the business.
“So our dream is that we want to make sure we double the capacity of the refinery, which will take us to 1.4 million barrels per day.”
The IPO will provide investors with exposure to one of Africa’s largest industrial projects while giving Dangote Refinery capital for its planned expansion.
The offering will also provide a fresh market test of the refinery’s valuation.
A July private placement implied a valuation of about $40 billion, although analysts have questioned whether that valuation is high compared with international listed refiners.
Turkey’s Tupras has a market value of about $12 billion, while US-listed HF Sinclair, with refining capacity of roughly 678,000 barrels per day, is valued at about $16 billion.
Dangote has said he wants the refinery to become one of Africa’s largest companies, targeting more than $12 billion in earnings before interest, tax, depreciation and amortisation.
With the IPO opening on September 14, investor demand will determine whether the refinery can command its proposed valuation and potentially create another catalyst for growth in Dangote’s wealth.
