The net worth of the President of Dangote Group, Aliko Dangote, has risen to an estimated $51 billion following the official commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange Limited (NGX).
According to data from Forbes, the latest valuation has further strengthened Dangote’s position as Africa’s richest person, placing him among the world’s wealthiest individuals at 36th globally.
The development comes as strong investor interest greeted the refinery’s public offer shortly after it opened on the NGX.
The Dangote Refinery IPO reportedly attracted subscriptions worth about ₦1.5 trillion within the first six hours of opening, representing a significant portion of the company’s targeted fundraising.
The company is seeking to raise a total of ₦2.15 trillion through the public offer as part of efforts to finance its expansion programme and strengthen its operations.
The offer comprises 4.1 billion ordinary shares, with the company targeting participation from about 10 million Nigerian investors.
Each share has a nominal value of $0.000013, while the offer price has been fixed at ₦525 per share.
The successful completion of the IPO would mark a major development for Nigeria’s capital market and further deepen public participation in the ownership of one of Africa’s largest oil-refining projects.
Dangote Refinery, located in the Lekki area of Lagos State, has emerged as a major player in Nigeria’s petroleum industry, with the company working to expand its refining capacity and related petrochemical operations.
The strong demand recorded at the opening of the offer underscores the level of investor interest in the refinery and the wider Dangote Group.
The IPO is expected to provide the company with additional capital to support its expansion plans while giving Nigerian investors an opportunity to acquire shares in the business.
