Africa’s richest man, Aliko Dangote, has added $19.9 billion to his wealth, taking his net worth to $51.3 billion as Dangote Refinery begins its initial public offering, IPO.
Forbes’ Real-Time Billionaires List showed that Dangote’s fortune climbed 63.37 per cent from $31.4 billion on Sunday to $51.3 billion on Monday. The jump also moved him 40 places higher, from 76th to 36th on the global billionaires’ ranking.
The increase came as Dangote Refinery, valued at about $50 billion, opened its IPO on the Nigerian Exchange, NGX. The company plans to raise ₦2.15 trillion to fund expansion under a wider $40 billion programme.
The plan will raise production 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 the refinery’s market value could reach at least $350 billion by 2030.
More than 4.1 billion ordinary shares are being offered at ₦525 each. The minimum subscription is 10 shares for ₦5,250, while the offer closes on October 13.
Dangote’s $51.3 billion fortune also comes from his interests in cement, sugar, banking, oil and gas, and other businesses under the Dangote conglomerate.
The IPO is expected to raise local capital for expansion while giving investors ownership in one of Nigeria’s biggest industrial projects. It also places Dangote among the world’s top 40 richest people.
