Aliko Dangote, President of Dangote Industries Limited, has climbed to become the 36th richest person in the world after his estimated net worth jumped to $51.3 billion following the launch of Dangote Petroleum Refinery and Petrochemicals’ public offering.
rose from about $31.4 billion on Sunday to $51.3 billion on Monday, representing an increase of roughly $19.9 billion in a single day.
The latest valuation places his fortune well above the $28.5 billion Forbes recorded for him on its 2026 annual billionaires list.
Refinery IPO drives wealth surge
The sharp increase came as Dangote Refinery opened its initial public offering on the Nigerian Exchange (NGX) on Monday, September 14.
The company is offering 4.1 billion ordinary shares at N525 per share, putting the value of the public offer at approximately N2.15 trillion.
The IPO is part of Dangote Refinery’s broader expansion plans, which include increasing its production capacity from about 650,000 barrels per day to 1.4 million barrels per day.
The company has set a minimum subscription of 10 shares, costing N5,250, with the offer expected to attract millions of Nigerian investors.
Investors rush to subscribe
The record-sized IPO has generated strong interest from retail and institutional investors, with the company targeting up to 10 million investors through stockbrokers, banks, fintech platforms, telecommunications companies and point-of-sale agents.
The Nigerian Exchange Group also reported exceptionally high traffic across investment channels on the opening day, while some digital investment platforms experienced difficulties handling the surge in demand.
The offer is scheduled to close on October 13, 2026.
Dangote targets much bigger refinery valuation
The public offering has also placed renewed attention on Dangote’s ambitious plans for the refinery.
During the company’s “Fact Behind The List” programme, Dangote said he expects the refinery’s market value to eventually reach at least $350 billion by 2030.
The company has also outlined a broader $40 billion expansion objective, aimed at increasing its production capacity and expanding its operations.
Dangote’s wealth has climbed sharply
The latest jump marks another major increase in Dangote’s fortune over the past two years.
Forbes valued his wealth at $12.2 billion in 2017, before it fell to $8.3 billion in 2020.
His fortune subsequently recovered to $11.5 billion in 2021, $14 billion in 2022, $14.2 billion in 2023 and $13.4 billion in 2024.
The figure rose sharply to $23.9 billion in 2025 and then $28.5 billion in 2026, before the latest revaluation pushed it above $50 billion.
Dangote’s fortune is built across several sectors, including cement, sugar, banking and oil and gas.
The latest Forbes valuation therefore represents more than just a rise in his ranking. It reflects the growing market value attached to Dangote’s refinery as the company opens its ownership to the public through one of the largest equity offers in Nigeria’s history