Aliko Dangote’s fortune could rise by about $23 billion if the initial public offering of his Dangote Petroleum Refinery delivers the valuation implied by the deal, potentially pushing Africa’s richest man much higher up the global billionaire rankings.
Dangote’s current net worth is estimated at about $35.3 billion by the Bloomberg Billionaires Index. Bloomberg calculations cited by Business Insider Africa indicate that his fortune could rise to approximately $58.2 billion following the refinery’s IPO.
The potential increase comes as the refinery begins what is set to be Africa’s largest-ever initial public offering. The offer opened on Monday, September 14, with 4.1 billion ordinary shares priced at ₦525 each. The subscription period will close on October 13.
At the offer price, the shares could raise about ₦2.15 trillion, or roughly $1.6 billion, for the refinery. The company is valued at approximately $47.6 billion based on the offer terms.
The IPO represents the first time investors will be able to directly buy shares in the massive Lagos-based refinery through Nigeria’s public market. The minimum subscription is 10 shares, costing ₦5,250, a structure designed to encourage participation by retail investors.
The refinery is offering only a small portion of its equity. Reuters reported that Dangote Group is selling about a 3.3% stake in the business, allowing the group to retain overwhelming control of the facility after the offering.
The potential boost to Dangote’s wealth is largely linked to the value placed on his remaining stake rather than the cash raised from selling shares. If the market accepts the IPO valuation and the refinery’s shares maintain or increase their value, the worth of Dangote’s retained holding could substantially increase.
Dangote Refinery’s Expansion Plans
Dangote Petroleum Refinery reported a $1.82 billion after-tax profit in the first half of 2026, compared with a $476 million loss in the corresponding period of 2025. Revenue exceeded $13 billion during the first six months of the year.
The turnaround has coincided with the refinery reaching its current operating capacity of about 700,000 barrels per day. The company plans to double that capacity to 1.4 million barrels per day by 2029, potentially putting the facility on a scale comparable with the world’s largest refineries.
The expansion is one of the main purposes of the IPO proceeds. Dangote Refinery has said the additional capital will support the expansion of its refining and associated infrastructure.
The refinery, which began operations in 2024 after being built at a reported cost of about $20 billion, has already changed Nigeria’s position in the regional fuel market. It has helped the country move from heavy dependence on imported refined petroleum products toward becoming a significant exporter of refined products.
