Refinery IPO launch: Aliko Dangote moves from 76th spot to 36th on world billionaires list

The founder of Dangote Group and president of Dangote Refinery, Aliko Dangote, is now worth $51.3 billion.

According to Forbes’ ‘Real Time Billionaires List,’ Dangote’s net worth increased by 63.37 percent, rising from $31.4 billion on Sunday to $51.3 billion on Monday.

The $19.9 billion increase moved Dangote from 76th to 36th position on the global billionaires list.

The surge in his wealth came amid the initial public offering (IPO) of Dangote Refinery, which has been valued at $50 billion, or more than N60 trillion based on the September 4 exchange rate.

The company launched its IPO on Monday through the Nigerian Exchange (NGX), with plans to raise N2.15 trillion to fund its $40 billion expansion programme.

The expansion includes increasing the refinery’s 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 the refinery’s market valuation should reach at least $350 billion by 2030.

The IPO, which closes on October 13, offers investors more than 4.1 billion ordinary shares at N525 each.

The minimum subscription is 10 shares, costing N5,250.

Dangote’s $51.3 billion fortune is spread across several sectors, with investments in cement, sugar, banking, and oil and gas companies.