Dangote’s net worth surges 63% to $51.3bn after refinery launched IPO

Aliko Dangote’s net worth surged 63.37 per cent from $31.4 billion to $51.3 billion on Monday — a single-day gain of $19.9 billion — propelling him from 76th to 36th on Forbes’ Real Time Billionaires List, following the launch of the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering on the Nigerian Exchange.

According to The Cable, the refinery, valued at $50 billion or over N60 trillion, commenced its IPO on Monday offering 4.1 billion ordinary shares at N525 each, targeting N2.15 trillion to support a $40 billion expansion that would raise production capacity from 650,000 to 1.4 million barrels per day.

Dangote predicted the refinery’s valuation would reach at least $350 billion by 2030.