Dangote’s networth hits $51.3 billion as Refinery IPO opens

Africa's wealthiest individual, Aliko Dangote, witnessed his net worth soar to $51.3 billion, as reported by Forbes on September 14, 2026. This surge in wealth coincided with the debut of Dangote Petroleum Refinery and Petrochemicals (DPRP) Initial Public Offering (IPO) on the Nigerian Exchange (NGX). The IPO, which concluded on October 13, 2026, is anticipated to be Africa's largest public share sale.

DPRP, scheduled to issue shares at N525 per share, values the shares to be sold at N2.15 trillion. This IPO is a crucial step in Dangote's strategy to increase public ownership of the refinery and secure additional funds for expansion.

Dangote's fortune is primarily tied to his stakes in Dangote Cement and his involvement in the broader Dangote Group. The Dangote Refinery, a significant component of his industrial empire, commenced refining operations in 2024 after extensive construction and substantial investment. The refinery possesses a production capacity of 650,000 barrels per day and is slated to expand to 1.4 million barrels per day, more than doubling its current output.

The Securities and Exchange Commission granted approval to the Dangote Refinery IPO on September 5, 2026, enabling the company to offer 4.1 billion shares at N525 apiece. This offering aims to raise approximately N2.15 trillion from investors. Dangote's wealth has experienced considerable fluctuations over the years. In 2011, Forbes estimated his wealth to be around $10.1 billion, marking him as Africa's richest person.

His fortune grew to $12.8 billion by the end of 2012 and peaked at $22.9 billion in 2013, following a 74% increase in Dangote Cement shares during the year. Following the 2026 IPO, Forbes valued Dangote at $51.3 billion, a substantial leap from his wealth assessment of $28.5 billion in March 2026.