…Africa’s richest man’s fortune rises 27% this year as investors prepare for refinery’s N2.2trn share offering
Aliko Dangote, Africa’s richest man, added $1 billion to his fortune on Monday, taking his net worth to $32.5 billion as investors weighed the September 14 opening of the long-awaited initial public offering of his refinery.
His wealth had increased by $3.3 million on Friday before rising by a further $1 billion on Monday, according to Forbes’ real-time billionaire tracker.
The latest increase lifted Dangote’s wealth by 3.3 percent from $31.5 billion on Friday to $32.5 billion as of 10:30 a.m. Monday, taking his fortune 27 percent above the $25.6 billion recorded at the end of 2025.
Forbes updates billionaire net worth estimates frequently during trading hours, reflecting movements in the value of publicly traded holdings, while privately held assets are reviewed periodically.
Bloomberg’s Billionaires Index, which uses a different methodology, valued Dangote’s fortune at $35.5 billion on Monday, up from $34.5 billion on Friday. This also shows that his wealth grew by $1 billion.
The latest increase comes as Dangote Petroleum Refinery prepares for what could become one of the largest equity offerings in Nigeria’s capital-market history and one of Africa’s biggest.
Dangote told investors and analysts in Botswana on Thursday that the refinery’s IPO would open within 10 to 12 days, with the order book scheduled to open on September 14.
“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 open in the next 10 to 12 days,” he said.
The proposed offering comprises 4.1 billion ordinary shares at N525 each, according to information from the Securities and Exchange Commission and sources cited by Reuters.
At that price, the offer could raise about N2.15 trillion, or roughly $1.5 billion, if fully subscribed.
The refinery plans to use the proceeds to support its expansion from its current operating capacity of about 700,000 barrels per day to 1.4 million barrels per day.
The IPO will also include a 15 percent over-allotment, or greenshoe, option if demand exceeds the base offer.
The SEC has approved the commencement of the offering and registered the refinery’s existing 120.13 billion ordinary shares, clearing the way for the company to proceed with the listing.
At N525 per share, the registered shares imply a total equity valuation of about N63 trillion, or roughly $47 billion.
Wealth gains
Dangote’s fortune has risen significantly this year, although estimates differ between major billionaire trackers because of differences in how they value privately held assets and other investments.
His wealth is also influenced by movements in publicly listed companies within his business empire.
Dangote Cement, Nigeria’s second-largest listed company by market capitalisation, was unchanged at N1,034 on Friday, giving it a market value of about N17.4 trillion.
Dangote Sugar Refinery fell 1.39 percent to N72, with a market capitalisation of about N874.6 billion.
The refinery IPO could provide investors with a market-based valuation for one of the largest assets in Dangote’s business empire, giving the market a clearer basis for assessing the industrialist’s overall fortune.
IPO puts valuation to the test
The IPO will test investor appetite for one of Africa’s largest industrial projects, particularly at the valuation implied by the N525 offer price.
A private placement in July implied a valuation of about $40 billion, meaning the proposed IPO price represents a significant increase in the company’s implied value.
Some investors and analysts have questioned whether the valuation is high relative to listed refining peers.
Turkey’s Tupras, which operates four refineries with combined capacity comparable to Dangote’s current refinery, has a market value of about $12 billion, while New York-listed HF Sinclair, with refining capacity of roughly 678,000 barrels per day, is valued at about $16 billion.
The comparison is not directly like-for-like, however, because Dangote Refinery is a newer and more integrated project, with ambitions to expand its refining capacity and develop its petrochemical operations.
Dangote has said he wants the refinery to become one of Africa’s largest companies and is targeting more than $12 billion in earnings before interest, tax, depreciation and amortisation.
That growth ambition is central to the valuation debate. At N525 per share, investors are not simply paying for the refinery’s current operations; they are also pricing in significant future growth from higher capacity, refining margins and petrochemical production.
Dangote also wants investors from across the continent, including Nigerian retail investors, to participate in the offering.
“This is not a Nigerian listing. It’s an African listing,” Dangote said.
The September 14 opening will therefore provide an early indication of investor appetite for the refinery at its proposed valuation and test whether Nigeria’s capital market can absorb one of its largest new equity offerings.
For Dangote, the IPO could have implications beyond raising capital for expansion. Once the refinery is publicly traded, its share price will provide a market-based reference for valuing one of his most significant assets and could influence how investors assess his wider fortune.
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