Aliko Dangote, Africa's wealthiest individual, is expected to experience a significant surge in his fortune, with projections indicating a $23 billion increase in his net worth. This rise is attributed to the initial public offering (IPO) of his Dangote Petroleum Refinery and Petrochemicals Fze, which is anticipated to be Africa's largest share sale to date. According to Bloomberg calculations, this IPO could boost Dangote's net worth to as much as $58.2 billion, positioning him to surpass notable figures like US hedge fund tycoon Ken Griffin and technology billionaire Eric Schmidt in global wealth rankings.
The Dangote Refinery's IPO commenced on September 14, 2026, marking a pivotal moment for the Nigerian billionaire. The offering allows for broad participation, targeting both retail and institutional investors with a low minimum subscription of 10 shares, priced at 40 cents each (525 Nigerian Naira). The order book for this IPO is scheduled to close on October 13, with the shares expected to begin trading on the Nigerian Stock Exchange in November. The IPO aims to raise approximately $1.6 billion, valuing the business at nearly $50 billion.
This significant transaction is seen as a strong endorsement of Nigeria and the African continent as viable investment destinations. Industry experts, such as Chidi Iwuchukwu, executive director of FirstRand Ltd.'s RMB Nigeria, suggest that large flagship listings like this can enhance market liquidity, broaden the investor base, and demonstrate the capacity of African capital markets to support world-class enterprises at scale. The refinery, which required over a decade of work and an investment of about $19 billion to build, currently boasts a capacity of 700,000 barrels per day, with plans to double this as part of an additional $14.3 billion investment.
