Africa’s richest man Aliko Dangote’s $54bn fortune revealed as he holds 87% stake in refinery

Lagos – Africa’s richest man, Aliko Dangote, is now worth an estimated $54 billion, after a prospectus for the planned listing of his oil refinery revealed that he owns an 87.27% stake in the business, according to Billionaires.Africa.

The disclosure comes as Dangote prepares to take the refinery public in what is expected to be Africa’s biggest initial public offering (IPO).

The refinery plans to sell 4.1 billion shares at 525 naira each, potentially raising about $1.63 billion. The offer is expected to open on 14 September and close on 13 October, with trading targeted for November, as per Reuters.

The prospectus values the refinery at about $49 billion, significantly boosting the value attributed to Dangote’s stake.

The development follows a dramatic turnaround for the refinery, which began operations in 2024 after costing about $20 billion to build. Reuters reported that the business made a $1.82 billion profit in the first half of 2026, compared with a $476 million loss during the same period a year earlier.

Major beneficiary

The refinery currently has capacity of about 700,000 barrels per day, with Dangote planning to more than double this to 1.4 million barrels per day by 2029 through a $14.3 billion expansion. Reuters described the facility as a major beneficiary of global fuel-supply disruptions caused by geopolitical conflicts.

The IPO is aimed at attracting as many as 10 million retail investors across Africa, with a minimum purchase of 10 shares, Financial Times reported. The newspaper described the planned listing as “Africa’s largest-ever IPO”.

Dangote’s increased wealth underscores the growing importance of his refinery to his business empire. The company has also announced plans to build a 700,000-barrel-per-day refinery in Kenya, although Reuters reported that the project faces challenges around crude supply, infrastructure, financing and environmental concerns.

The IPO is therefore not only expected to give ordinary investors an opportunity to buy into Dangote’s flagship energy asset, but could also provide the billionaire with capital to fund an aggressive expansion of his refining empire across Africa.