Aliko Dangote’s estimated fortune has climbed to $51.3 billion as Dangote Petroleum Refinery and Petrochemicals launched its N2.15 trillion initial public offering (IPO) on the Nigerian Exchange.
Forbes’ Real-Time Billionaires tracker valued Dangote’s wealth at $51.3 billion on September 14, making him the 36th richest person in the world and Africa’s richest man.
The latest valuation comes as Dangote Refinery opened its long-awaited public share sale, which is expected to become one of Africa’s largest IPOs.
The refinery is offering about 4.1 billion shares at N525 each, with the offer scheduled to close on October 13.
At the offer price, the shares being sold are valued at about N2.15 trillion. The IPO is designed to broaden public ownership of the refinery while raising capital for its expansion.
The Securities and Exchange Commission approved the IPO on September 5, clearing the way for the share sale.
The refinery has a nameplate capacity of 650,000 barrels per day and began refining operations in 2024 after years of construction and billions of dollars in investment.
Dangote plans to increase the refinery’s capacity to 1.4 million barrels per day, more than double its current capacity..
Forbes valued his fortune at $13.4 billion in 2024, before it rose to $23.9 billion in its 2025 annual billionaire ranking. By March 1, 2026, Forbes had valued his fortune at $28.5 billion.
His latest real-time valuation of $51.3 billion is therefore about 3.8 times his 2024 valuation.
The increase reflects the changing valuation of his business interests, particularly his holdings in Dangote Cement and other companies within the Dangote Group, as well as the growing significance of the refinery to his industrial empire.
However, billionaire wealth figures are estimates tied to asset valuations and can change significantly with market prices and exchange rates. They do not represent the amount of cash held by the individual.
The refinery IPO could further change how investors value Dangote’s interests as the company moves from private ownership towards broader public participation.
