Dangote's net worth hits record $51.3bn as refinery IPO opens to investors
By Aboki Forex —
Aliko Dangote's fortune has risen to $51.3 billion, his highest ever recorded net worth, according to Forbes' real-time billionaire tracker. The ranking places Africa's richest man 36th among 3,397 billionaires worldwide.
The figure is a sharp jump from the $31.5 billion Forbes recorded for Dangote on September 4, and more than double the $25.6 billion he held at the end of 2025.
Refinery share sale lifts the fortune
The rise comes as Dangote Refinery runs a public share offering. The offer opened on September 14 and covers 4.1 billion shares priced at N525 each. Investors can subscribe for a minimum of 10 shares, costing N5,250, and the offer is expected to close on October 13.
The company is seeking to raise about $1.6 billion from the offer, which values the refinery at roughly $47.6 billion based on the offer price. BusinessDay reports that the shares on offer represent about 3% of the refinery.
Forbes said the public offering could push Dangote's wealth higher as ownership opens to individual investors. In a report on Monday, Forbes said: "There's likely more riches coming his way as his refinery, the continent's largest, begins selling shares to individual investors."
Bloomberg's estimate is lower
Bloomberg's Billionaires Index put Dangote's fortune at $35.3 billion on Monday, well below the Forbes figure. The gap reflects the different methods the two organisations use to value billionaire assets.
Bloomberg estimates his wealth could climb to as much as $58.2 billion after the refinery's public offering. Its calculations suggest the IPO could add as much as $22.9 billion to his personal wealth, potentially moving him past Ken Griffin and Eric Schmidt.
Forbes updates its real-time estimates frequently during trading hours to capture movements in publicly traded assets, while private assets are valued periodically.
Where other Nigerian billionaires stand
Other Nigerians on the Forbes list include Abdulsamad Rabiu at 309th with $11.4 billion, Mike Adenuga at 584th with $6.9 billion, and Femi Otedola at 2,241st with $1.9 billion.
The refinery IPO had earlier drawn roughly N1.5 trillion in subscriptions within six hours of opening on the Nigerian Exchange in Lagos on Monday, September 14, 2026, in what is being described as the largest IPO in Africa. The offer targets up to 10 million retail investors, making it one of the most accessible major equity offerings Nigeria has seen.
What it means for Nigerian investors
The N525 offer price allows retail investors to enter for as little as N5,250, a low entry point for a project of this size. It also puts a public valuation of about $47.6 billion on the refinery, giving the market a fresh benchmark for Nigeria's biggest private industrial asset.