Africa’s richest man and founder of the Dangote Group, Aliko Dangote, has seen his net worth surge by 63.37 per cent to $51.3 billion following the commencement of the initial public offering of Dangote Refinery.
According to Forbes’ Real-Time Billionaires List, Dangote’s wealth increased from $31.4 billion on Sunday to $51.3 billion on Monday, representing a rise of about $19.9 billion.
The increase has also pushed Dangote up the global billionaires ranking, from 76th to 36th position.
The surge came as Dangote Refinery commenced its IPO on the Nigerian Exchange (NGX), with the company valued at about $50 billion, or more than N60 trillion based on the September 4 exchange rate.
The refinery is seeking to raise N2.15 trillion through the offering to support its expansion plans, including increasing its production capacity from 650,000 barrels per day to 1.4 million barrels per day.
Speaking during the company’s ‘Fact Behind The List’ programme, Dangote said he expects the refinery’s market valuation to reach at least $350 billion by 2030.
The IPO marks a major development for the Dangote Refinery and is expected to further position the facility as a significant player in Nigeria’s oil and gas sector.
