Dangote's Fortune Hits $54 Billion as Refinery IPO Prospectus Reveals 87.27% Stake

Aliko Dangote's estimated wealth has climbed to about $54 billion after the prospectus for the planned initial public offering of Dangote Petroleum Refinery disclosed that he owns 87.27% of the company.

A calculation by Billionaires Africa valued Dangote's stakes in four companies at N71.46 trillion, equivalent to $53.99 billion, using an exchange rate of N1,323.55 to the dollar and Nigerian Exchange closing prices on Wednesday, September 9, 2026. That is far above the estimates published by major global wealth trackers. Bloomberg had valued Dangote at $35.5 billion on September 6, while Forbes placed his fortune at $32.5 billion on September 7.

What the refinery prospectus shows

Dangote, 69, has been Africa's richest person for more than a decade, building his business from commodities trading into a group spanning cement, sugar, salt, fertiliser and oil refining.

The refinery is offering 4.1 billion new ordinary shares at N525 each to raise about N2.15 trillion, or $1.63 billion. The offer was approved by the Securities and Exchange Commission, opens on September 14 and closes on October 13, 2026. Trading is expected to begin in November, and the company could issue up to 30% additional shares if demand is strong.

The prospectus shows Dangote's combined beneficial interest amounts to 104.83 billion shares, representing 87.27% of the 120.13 billion shares currently in issue. At the N525 offer price, that stake is valued at N55.04 trillion, or $41.58 billion. If the base offer is fully subscribed, his ownership would fall to 84.39% as new shares are issued.

NNPC Limited currently owns 6.815% of the refinery and would be diluted to about 6.59% under the base offer.

Improving finances ahead of listing

The IPO comes as the refinery's financial position strengthens. Its secured debt fell to $5.67 billion at the end of June from $6.24 billion at the end of 2025. The company recorded a net profit of $1.82 billion in the first six months of 2026, against a $282.1 million loss in the same period of 2025.

The refinery currently processes 700,000 barrels of crude oil daily and plans to double capacity by 2030 through a proposed $14.3 billion expansion.

Dangote's other listed holdings add substantially to his fortune. His combined stake in Dangote Cement was worth about N15.15 trillion, or $11.45 billion, based on the September 9 closing price. His Dangote Sugar holdings were valued at about N995.3 billion, while his stake in NASCON Allied Industries was worth roughly N274 billion.

Why the estimates differ

The gap between the $54 billion figure and the Bloomberg and Forbes numbers comes down largely to how the refinery is valued. Bloomberg has valued the plant mainly on its construction cost, while the prospectus implies a much higher valuation through the N525 offer price.

The $54 billion estimate should not be treated as a definitive market value for Dangote's fortune. The N525 price is an IPO offer price, not a traded market price. The refinery's eventual share price when trading begins in November will determine how investors value his largest asset.

Earlier, Dangote's net worth climbed $1 billion on Monday to reach $32.5 billion, according to the Forbes real-time billionaire tracker, as investors sized up the offering. The single-day gain followed a $3.3 million rise on Friday and lifted his fortune 3.3% from $31.5 billion, based on figures recorded at 10:30 a.m. on Monday, September 7, 2026.

For Nigerian investors, the N2.15 trillion offer opens September 14, and the pricing of the stock in November will set the first real market test of what the refinery is worth.