Africa’s richest man, Aliko Dangote, could see his fortune surge to as much as $58.2 billion following the public offering of shares in his refinery, potentially moving him significantly higher on the global billionaire rankings.
According to Bloomberg calculations, Dangote’s wealth could increase by about $23 billion through the IPO of Dangote Petroleum Refinery and Petrochemicals FZE, potentially placing him ahead of US hedge fund billionaire Ken Griffin and technology billionaire Eric Schmidt.
The development comes as strong investor demand greeted the refinery’s listing on the Nigerian Exchange on Monday, September 14, 2026. Reports from Nigerian media indicate that the offering attracted approximately ₦1.5 trillion in subscriptions within its first six hours.
The refinery is offering 4.1 billion shares at ₦525 each, which could raise about ₦2.15 trillion if fully subscribed. The minimum subscription is 10 shares, costing ₦5,250, making the offer accessible to retail investors.
The heavy demand reportedly caused difficulties on some investment platforms, including Bamboo and Cowrywise, as investors rushed to participate in the landmark offering.
If the reported ₦1.5 trillion subscription figure is confirmed, it would represent roughly 70 percent of the total value of the shares being offered. However, the figure represents subscriptions rather than funds that have already been finally raised and allotted.
The IPO is therefore expected to have a significant impact on Dangote’s wealth, while also marking a major development for Nigeria’s capital market and the country’s largest refinery.
