Lagos – Nigerian billionaire Aliko Dangote’s fortune has surged past the $50 billion mark, propelled by the rising valuation of his massive oil refinery and putting him among the world’s wealthiest people.
According to Forbes, Dangote’s net worth jumped by about $20 billion to $51 billion after a $2.5 billion private placement in the refinery pushed its implied valuation sharply higher.
The increase has also lifted Dangote from 76th to 36th on Forbes’ real-time ranking of the world’s richest people.
The development comes as the Dangote Refinery begins its initial public offering, in what Reuters describes as Africa’s largest-ever share sale.
Dangote is offering a roughly 3% stake in the refinery to public investors, seeking to raise as much as $2.1 billion to fund expansion. The refinery is currently capable of processing 700,000 barrels of crude oil per day, with plans to double capacity by 2029.
The Associated Press reported that Dangote has branded the offering a “people’s IPO”, with ordinary investors able to buy a minimum 10-share bundle for about $4.
“We are all going to fully share all our prosperity with the people and that is why we call it the people’s IPO,” Dangote said at the launch.
The refinery, which began operations in 2024, has become the biggest component of Dangote’s wealth, according to Forbes. The company recorded $1.82 billion in net profit in the first half of 2026, compared with a $476 million loss during the same period in 2025.
Dangote, who built his business empire from trading commodities before expanding into cement, sugar and other industries, remains Africa’s richest person.
Reuters puts his wealth at between $31 billion and $35 billion, highlighting the differences between billionaire wealth estimates. Reuters said Dangote’s fortune grew largely through his cement business before the refinery became a major contributor.
The IPO is expected to further increase scrutiny of Dangote’s wealth as investors place a market value on the refinery, while the billionaire plans to expand its capacity and pursue further refinery projects in Africa.
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Compiled by Betha Madhomu
