Industrialist Aliko Dangote opened public share sales for his landmark oil refinery on Monday, driving his net worth to $51.3B on Forbes’s real-time tracker at the time. His current live net worth stands at $51.2 B.
The initial public offering (IPO) on the Nigerian Exchange (NGX) marks the first time an oil refinery has listed on the country’s stock market.
The listing offers 4.1 billion new ordinary shares priced at N525 ($0.40) each, requiring a minimum investment of 10 shares worth N5,250 ($4.00). Full subscription would generate roughly N2.15 trillion ($1.6 billion), while Dangote targets raising at least $1.6 billion by selling about 3.3% of the facility. Financial Times data shows the issuance follows an equity valuation of about ₦63 trillion ($47.59 billion), or $47.59 billion, which the outlet rounded to approximately $49 billion. The share sale closes on October 13.
The stock debut fueled a sharp surge in Dangote’s net worth, which rose from $28.5 billion according to Forbes. Bloomberg previously estimated the listing could add $23 billion to his wealth, raising his net worth to $58.2 billion.
At that higher valuation on the Bloomberg index, Africa’s richest man would hold a larger fortune than international figures Jack Ma and MacKenzie Scott while approaching billionaires Charles Koch and Mukesh Ambani. Bloomberg currently lists Dangote’s wealth at $35.1 B, showing a year-to-date increase of $5.34 billion alongside a recent daily movement of -$84.7 million.
The facility currently operates at a capacity of 700,000 barrels per day. Company plans call for doubling output to 1.4 million barrels per day by 2029.
Although initial share purchases remain limited to investors in Nigeria, Dangote stated that the investment opportunity will widen across the continent. Stock exchanges in Ghana, South Africa, Egypt, Kenya, and Rwanda have held talks with refinery advisers to establish access for regional buyers.
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