Aliko Dangote’s wealth has risen to $51 billion following the commencement of the Dangote Refinery IPO on the Nigerian Exchange Limited (NGX).
According to Forbes data released on Monday, the increase in his fortune has placed the President of Dangote Group among the world’s richest individuals, ranking him 36th globally.
The Dangote Refinery IPO recorded strong activity shortly after opening on the NGX, generating N1.5 trillion within its first six hours.
The refinery is targeting N2.15 trillion from the share offering as part of efforts to fund its expansion and strengthen its operations.
The offer consists of 4.1 billion ordinary shares, with each share priced at N525. The offering is aimed at attracting as many as 10 million Nigerian investors.
The Dangote Refinery IPO represents a major step in the company’s plan to raise fresh capital from the domestic market while giving investors an opportunity to acquire shares in one of Nigeria’s largest industrial projects.
The latest valuation also contributed to the increase in Dangote’s reported fortune, reinforcing his position as Africa’s wealthiest individual.
The refinery, located in Lagos, has become one of the country’s most significant private-sector investments, with its expansion expected to play a major role in Nigeria’s petroleum and industrial sectors.
With the IPO seeking a total of N2.15 trillion, the company is expected to use the proceeds to support its expansion programme and other strategic business objectives.
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