Aliko Dangote’s net worth has surged to $51.3 billion, lifting him to 36th among the world’s richest people as his refinery IPO begins.
Aliko Dangote, founder of Dangote Group and president of Dangote Refinery, is now worth $51.3 billion.
According to Forbes’ Real-Time Billionaires List, Dangote’s net worth jumped 63.37 percent, from the $31.4 billion he was valued at as of Sunday to $51.3 billion on Monday.
Following the $19.9 billion increase in his net worth, Dangote’s position on the global billionaires list rose 40 places, from 76th to 36th, moving him into the world’s top 40 wealthiest people and reaffirming his standing as both Africa’s richest man and the world’s wealthiest Black billionaire.
What Triggered the Jump
Dangote’s wealth surged amid the initial public offering (IPO) of Dangote Refinery, a company valued at $50 billion, or over N60 trillion, based on the September 4 exchange rate.
The company commenced the IPO on Monday via the Nigerian Exchange (NGX), where it is planning to raise N2.15 trillion to support its $40 billion expansion objective, including raising production capacity from 650,000 barrels per day to 1.4 million barrels per day. During the offer, which closes on October 13, investors will have access to over 4.1 billion ordinary shares of Dangote Refinery at N525 each, with a minimum subscription of 10 shares at N5,250.
NGX Group said traffic across the various investment channels was exceptionally high on the opening day, with some digital subscription platforms reportedly struggling to handle the volume — an early sign that the offer, targeting up to 10 million investors through banks, fintechs, telecoms and other channels, could end up oversubscribed.
A Refinery on Solid Footing
The IPO comes as the refinery, built at an estimated cost of $20 billion, posts a marked financial turnaround: it reported a net profit of about $1.82 billion in the first half of 2026, reversing losses recorded the previous year.
Speaking at the company’s “Fact Behind The List” programme, Dangote said he expects the refinery’s market value to reach at least $350 billion by 2030, describing the offer as a “people’s IPO” intended to give ordinary Nigerians and other African investors a stake in the business and its future growth.
Dangote’s $51.3 billion net worth is drawn from several industries beyond the refinery, as he holds investments in cement, sugar, banking, and oil and gas companies, meaning Monday’s jump reflects the broader value of his business empire rather than the refinery alone.
The increase also marks a striking turnaround in Dangote’s fortunes over the past decade on Forbes’ tracker: from $12.2 billion in 2017, his wealth dipped to $8.3 billion in 2020 before climbing steadily back, $14 billion in 2022, $23.9 billion in 2025, and $28.5 billion on Forbes’ most recent annual list in 2026, ahead of Monday’s real-time jump to $51.3 billion.
