Aliko Dangote’s net worth rises 63% to $51bn after refinery launched IPO

Aliko Dangote, the founder of Dangote Group and president of Dangote refinery, is now worth $51.3 billion.

According to Forbes’ ‘Real Time Billionaires List,’ Dangote’s net worth jumped 63.37 percent, from the $31.4 billion he was valued at as of Sunday to $51.3 billion on Monday.

Following the $19.9 billion increase in his net worth, Dangote’s position on the global billionaires list rose from 76th to 36th.

Dangote’s wealth surged amid the initial public offering (IPO) of Dangote refinery, a company valued at $50 billion or over N60 trillion (based on the September 4 exchange rate).

The company commenced the IPO on Monday via the Nigerian Exchange (NGX), where it is planning to raise N2.15 trillion to support its $40 billion expansion objective, including raising production capacity from 650,000 barrels per day to 1.4 million barrels per day.

Speaking during the company’s ‘Fact Behind The List’ programme, the businessman said Dangote refinery’s market valuation should reach at least $350 billion by 2030.

During the IPO, which closes on October 13, investors will have access to over 4.1 billion ordinary shares of Dangote refinery at N525 each, with a minimum subscription of 10 shares at N5,250.

Dangote’s $51.3 billion net worth is drawn from several industries, as he holds investments in cement, sugar, banking, and oil and gas companies.(TheCable)