The net worth of Africa’s richest man, Aliko Dangote, has risen to $51 billion following the commencement of Dangote Refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).
According to Forbes data released on Monday, the revaluation has moved the President of Dangote Group to the 36th position among the world’s richest people.
The development followed strong investor demand for the Dangote Refinery shares, with the IPO reportedly raising ₦1.5 trillion within the first six hours of trading on the NGX.
Dangote Refinery is seeking to raise ₦2.15 trillion through the public offering to finance its expansion plans and strengthen its long-term operations.
The IPO comprises 4.1 billion ordinary shares offered at ₦525 per share, with the company targeting participation from about 10 million Nigerian investors.
The offering represents one of the largest attempts by a Nigerian company to mobilise capital from the domestic equities market.
The strong market response to the refinery’s listing and share offering has increased the value attached to Dangote’s stake in the company, contributing to the rise in his estimated fortune.
Dangote’s new $51 billion fortune further widens his position as Africa’s richest individual and places him among the leading billionaires globally.
READ ALSO: TUC suspends Unity Colleges strike over King’s College concession
The refinery, one of Africa’s largest industrial projects, is expected to play a significant role in Nigeria’s petroleum supply chain while expanding the Dangote Group’s footprint in the energy sector.
The successful capital raising could also deepen the Nigerian capital market by increasing retail participation and providing investors with direct exposure to one of the country’s largest industrial assets.
