Nigerian billionaire Aliko Dangote has become the world’s 36th-richest person with an estimated net worth of $51.1 billion, according to a recent Forbes estimate, as he opened the initial public offering of his oil refinery to investors in Nigeria.

Dangote, Africa’s richest person, launched the IPO of Dangote Petroleum Refinery and Petrochemicals Fze on Monday, opening ownership of the 700,000-barrel-per-day facility to retail investors in what is set to become Africa’s largest share sale.

The offer opened at 8 a.m. local time, or 0700 GMT, and will close on Oct. 13. Dangote is offering 4.1 billion ordinary shares at 525 naira each. If fully subscribed, the offer would raise about 2.15 trillion naira, equivalent to about $1.6 billion.

The shares represent a 3.3% stake in the refinery and are being offered to the public through Dangote Group. The offering marks a significant change for Dangote’s business empire, whose major operating companies have largely remained privately held.

Dangote moves up global wealth ranking

Dangote’s $51.1 billion fortune places him ahead of several prominent billionaires on the Forbes ranking.

John Mars and Jacqueline Mars, whose fortunes come from candy and pet food, rank 37th with $50.3 billion each. Hong Kong billionaire Li Ka-shing ranks 39th with $49.9 billion, followed by Giovanni Ferrero, whose wealth is tied to Nutella and chocolates, with $48 billion.

Ma Huateng, the founder of Tencent, ranks 41st with $46.5 billion, while Iris Fontbona and her family rank 42nd with $46.3 billion from mining. Gianluigi Aponte and Rafaela Aponte-Diamant rank 43rd, each with $45.4 billion from shipping.

At $51.1 billion, Dangote’s estimated fortune places him firmly among the world’s wealthiest individuals while maintaining his position as Africa’s richest person.

Dangote, 69, controls Dangote Industries Limited, one of Africa’s largest and most diversified industrial groups. Its businesses span cement, sugar, salt, fertilizer, petrochemicals, power, logistics, shipping and oil refining.

Dangote Refinery opens ownership to retail investors

The refinery, built on the outskirts of Lagos at a reported cost of about $20 billion, began operations in 2024 and has become a major source of locally produced fuel.

The facility produces gasoline, diesel, jet fuel, liquefied petroleum gas and petrochemical feedstocks, including polypropylene.

The IPO gives retail investors an opportunity to take a stake in the refinery, with Dangote positioning the offering as a way for ordinary Nigerians to participate in its ownership.

Investors can subscribe for as few as 10 shares through fintech platforms and other digital investment channels, lowering the entry point for retail participation in the offering.

Dangote will retain an 84.34 percent beneficial stake in Dangote Petroleum Refinery & Petrochemicals after the $1.6 billion IPO.

Investor rush triggers technical disruptions

The commencement of the Dangote Petroleum Refinery IPO triggered an intense rush among investors across Nigeria.

The surge in demand resulted in technical disruptions for Bamboo, a popular digital investment application that is among the 40 authorized platforms for the share subscription.

The offering represents a new avenue for Nigerian investors to participate directly in the ownership of one of the country’s largest industrial assets while Dangote retains a controlling beneficial stake in the refinery.

With 4.1 billion shares being offered at 525 naira each, the IPO has a potential base value of about 2.15 trillion naira and could reach about $2.1 billion if the offer is oversubscribed and the greenshoe option is exercised.