Aliko Dangote’s net worth jumps to $51 billion after a new valuation of his refinery, making him the world’s 36th richest person.
Dangote’s Wealth Jumps to $51 Billion
Africa’s richest man, Aliko Dangote, has added about $20 billion to his fortune. His net worth now stands at $51 billion, according to Forbes. The huge increase follows a fresh valuation of his oil refinery. Dangote has now moved up to become the world’s 36th richest person.
The new valuation came after the refinery attracted an oversubscribed $2.5 billion private placement. The Dangote Refinery is Africa’s largest oil refinery.
Now, the company is opening its ownership to individual investors. The share sale begins on Monday, September 14.
Dangote Calls It a Historic Move
The upcoming share sale could become Africa’s biggest IPO. Dangote described the launch as a major moment for the continent. Speaking to Forbes, he said,
“We have D-Day on Monday.”
He also revealed that he only learned the exact IPO timing late.
As a result, Dangote will arrive late at an investment summit in Canada. He had promised Prime Minister Mark Carney that he would attend. Still, the billionaire said he could not miss the refinery’s historic launch.
‘We Want to Create Wealth’
For Dangote, the deal goes beyond raising fresh funds. He wants more Africans to benefit from the company’s growth.
“Selling these shares now is us making sure that we create wealth for other people,” he said.
He compared the move with major American companies.
“Just like what Amazon and Microsoft have done. That kind of thing but for an African company,” Dangote added.
The refinery’s public offering could also push his fortune even higher as its shares begin trading.
