Africa’s richest man Aliko Dangote eyes $60B fortune as refinery IPO opens

Nigerian industrialist Aliko Dangote, Africa’s richest person and the world’s wealthiest Black individual, could see his fortune approach $60 billion following the public listing of his mega-refinery — a transaction on track to become the continent’s largest share sale on record.

The 69-year-old businessman opened the initial public offering for Dangote Petroleum Refinery and Petrochemicals Fze on Monday, inviting everyday retail investors and institutional funds to buy into the 700,000-barrel-per-day plant. The share sale values the company at $49 billion and looks to raise about 2.15 trillion naira ($1.6 billion).

According to projections by Bloomberg, the successful listing could boost Dangote’s net worth by roughly $23 billion, lifting his fortune to as much as $58.2 billion. That would move him comfortably into the ranks of the world’s 35 richest people, placing him ahead of Citadel founder Ken Griffin, former Google chief Eric Schmidt, SoftBank’s Masayoshi Son, and Italian confectionery heir Giovanni Ferrero.

Dangote Refinery opens historic retail access

The public listing caps a pivotal year for the mega refinery, located in the Lekki free trade zone on the outskirts of Lagos. Built to break Nigeria’s decades-long dependence on imported petroleum products, the plant hit full operating capacity earlier this year. Its steady output of gasoline, diesel, jet fuel, and polypropylene has turned Africa’s most populous country into a net exporter of refined fuel, insulating domestic markets from global crude disruptions.

Dangote is offering 4.1 billion ordinary shares at 525 naira each through Oct. 13. To encourage widespread domestic participation, the offer allows retail investors to purchase as few as 10 shares through mobile banking apps and digital investment platforms. Dangote will hold an 84.34% controlling stake in the company once the transaction closes.

“We, as Nigerians and Africans, must be bold and lead the change to develop our economies,” Dangote said at the listing ceremony in Lagos. “Only then will others take us seriously. Only then will we be in a position to negotiate and secure terms we deserve, not terms dictated to us.”

Dangote IPO funds pan-African energy expansion

The listing feeds into a broader expansion push. Dangote intends to use the capital to double refining capacity in Nigeria and build a regional processing hub in Kenya, creating an operating network that reaches from the Atlantic coast to the Indian Ocean.

The move cements his position as Africa’s wealthiest person. Forbes ranks Dangote 36th globally at $51.2 billion—ahead of John and Jacqueline Mars ($50.3 billion each), Li Ka-shing ($49.9 billion), Giovanni Ferrero ($48 billion), and Ma Huateng ($46.5 billion)—while Bloomberg pegged his pre-IPO wealth at $35.3 billion.

Dangote built his group over four decades, starting out as a commodity trader before developing Dangote Industries Limited into a manufacturing conglomerate spanning cement, sugar, fertilizer, packaging, and marine logistics. With the refinery now heading to the stock exchange, the listing offers the clearest public pricing yet for the crown jewel of his industrial empire.