Dangote’s Wealth Jumps $20bn to $51bn, Moves to 36th Richest Person in the World — Forbes

Africa’s richest man, Aliko Dangote, has seen his net worth rise by about $20 billion to $51 billion following the revaluation of his Dangote Petroleum Refinery, according to Forbes.

The increase has moved Dangote from 76th to 36th on the Forbes Real-Time Billionaires ranking, placing him among the world’s 40 richest people.

The sharp rise in his fortune follows a $2.5 billion private placement by the refinery that was heavily oversubscribed. Forbes reported that the transaction resulted in an implied refinery valuation of about $42 billion and pushed Dangote’s fortune significantly higher.

The development comes as the Dangote Refinery opened its public share offering on Monday, September 14, allowing individual investors to acquire shares in the privately controlled company for the first time.

The refinery is offering 4.1 billion shares, representing about 3.3 per cent of the company, at ₦525 per share. The minimum subscription is 10 shares, costing ₦5,250. The offer is scheduled to close on October 13, with trading expected to begin later in November.

Dangote told Forbes ahead of the public offering that he considered the launch a historic moment and said he would not miss it despite having an investment summit in Canada to attend.

He said the decision to sell shares was not only about raising capital but also about allowing more Africans to participate in the wealth created by the refinery.

“Selling these shares now is us making sure that we create wealth for other people,” Dangote told Forbes, comparing the ambition to the way companies such as Amazon and Microsoft have created wealth for their shareholders.

The refinery, located in the Lekki Free Zone in Lagos, began operations in 2024 and currently has a processing capacity of 700,000 barrels of crude oil per day.

Forbes reported that the refinery recorded a net profit of $1.82 billion in the first half of 2026, compared with a $476 million loss in the corresponding period of 2025.

Dangote’s stake in the refinery has been diluted to 87 per cent following the private placement. If the entire public offering is taken up, his stake could fall further, while the value of his fortune could rise again if the refinery’s valuation increases.

The public offering is being marketed as one of the biggest capital-market transactions in Africa and is expected to give ordinary investors an opportunity to own part of one of the continent’s largest industrial projects.