Per Forbes’s real-time index, Africa’s richest man Aliko Dangote has seen his net worth surge from $28.5 billion to $51.3 billion following a $2.5 billion Private Placement and the launch of the initial public offering (IPO) of his $20 billion oil refinery.
Earlier today, Dangote, owner of the Dangote Oil Refinery, launched the Initial Public Offering of the world’s largest single-train oil refinery on the trading floor of the Nigerian Stock Exchange (NGX) in Nigeria’s commercial hub, Lagos.
Prior to the launch, MoneyCentral estimated that the Nigerian billionaire could see his net worth jump to $56.9 billion once his Refinery IPOs and starts trading on the NGX, a figure unattained by an African in modern history.
Dangote Refinery’s IPO
The ₦2.15 trillion ($1.5 billion) Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE officially opened for public subscription today, September 14, 2026, across 32 SEC-approved receiving institutions, bank apps, and digital investment portals.
The offer will remain open for four weeks, closing on October 13, 2026.
Priced at ₦525.00 per ordinary share, the offering represents a primary float of 4.1 billion shares (3.41% public equity stake before green shoe options).
The billionaire is opening up ownership of the company, offering shares at 40 US cents apiece, with a minimum investment of just $4. He’s courting ordinary Africans by enlisting a wide range of platforms including fintechs, mobile-phone operators, and banks.
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