LAGOS, Sept 14 – Africa’s richest person, Aliko Dangote, has seen his fortune cross $50 billion, according to Forbes on Monday, following a revaluation of his stake in Dangote Petroleum Refinery and Petrochemicals that added roughly $20 billion to his estimated wealth.
The increase was triggered not by the refinery’s public offering that opened Monday, but by a $2.5 billion private placement completed in July. The transaction was reportedly 270% oversubscribed, providing an observable market valuation for an asset that had previously been privately held.
Forbes said the private placement pushed Dangote’s net worth above the $50 billion threshold, with the potential for a further increase as the refinery’s shares become available to individual investors.
The magazine had estimated Dangote’s fortune at approximately $31.5 billion on September 4.
The change reflects a valuation adjustment rather than a direct sale of Dangote’s personal holdings. Because the refinery was previously private and did not have a publicly traded share price, Forbes had valued the asset more conservatively. The July transaction established a market reference point that could then be applied to Dangote’s remaining stake.
Bloomberg’s Valuation Remains Lower
Other billionaire trackers have yet to make the same adjustment. Bloomberg’s Billionaires Index currently values Dangote’s fortune at about $35.3 billion, although its calculations indicate that his wealth could reach approximately $58.2 billion once the refinery’s public offering is completed.
That would represent an increase of roughly $22.9 billion and potentially move Dangote ahead of American hedge fund manager Ken Griffin and technology investor Eric Schmidt.
The difference between Forbes and Bloomberg illustrates how private assets can produce significant variations in billionaire wealth rankings. Once an asset receives a market-based valuation, the gap between different wealth estimates can narrow or shift substantially.
Dangote Refinery IPO Opens
The valuation debate comes as Dangote Petroleum Refinery and Petrochemicals begins its landmark public offering. The IPO opened on September 14 on the Nigerian Exchange in Lagos, with the refinery offering 4.1 billion ordinary shares at ₦525 each.
The offer seeks to raise approximately ₦2.15 trillion ($1.6 billion), making it the largest share sale in African history. The subscription period closes on October 13.
The public offering represents only a small portion of the company. Forbes estimates that the shares being offered amount to approximately 3.3% of the refinery.
The IPO could nevertheless establish a more transparent market valuation for the refinery and provide another reference point for determining Dangote’s overall wealth.
Temi Popoola, chief executive of NGX Group, said the exchange has expanded connectivity across more than 50 distribution channels, including stockbrokers, banks and fintech platforms, to broaden access to the offering.
He said the capital market must increasingly provide a mechanism through which Nigerians can participate in the value generated by the country’s most important businesses.
The Dangote Refinery IPO therefore carries significance beyond the amount of capital being raised. Its public valuation could influence how one of Africa’s largest private industrial assets is valued globally, while potentially reshaping the wealth rankings of the continent’s most prominent industrialist.
