Aliko Dangote’s fortune, which was projected to rise to $58.2 billion, has inched close to the mark, as Forbes currently lists his net worth at $51.3 billion.
Per Forbes’s real-time index, Africa’s richest man has seen his net worth surge from $28.5 billion to $51.3 billion following the launch of the initial public offering (IPO) of his $20 billion oil refinery.
Earlier today, Aliko 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, Bloomberg estimated that the Nigerian billionaire could see his net worth rise by $23 billion, reaching a historic milestone of $58.2 billion, a figure unattained by an African in modern history.
Should this be the case on Bloomberg’s index, Dangote would boast a fortune worth more than global household names like Jack Ma and Mckenzie Scott, as he would inch closer to billionaires such as Charles Koch and Mukesh Ambani.
However, while Forbes has updated the Nigerian billionaire’s net worth, Bloomberg still has Dangote’s net worth at $35.3 billion, with a last valuation change of -$84.7 million and a year-to-date change of +$5.34 billion.
Dangote Refinery’s IPO
As mentioned earlier, Nigeria’s top industrialist launched the IPO of the Dangote refinery on Monday in Nigeria’s commercial hub, Lagos, representing the first refinery to be listed on the Nigerian stock market.
The initial public offering currently consists of 4.1 billion new ordinary shares priced at N525 per share, with a minimum purchase requirement of 10 shares valued at N5,250.
Pursuant to the terms outlined in the prospectus, the offer is slated to conclude on the 13th of October.
The formal commencement of the offering was marked by Mr. Dangote sounding the Nigerian Exchange (NGX) gong, thereby enabling prospective investors to initiate share acquisitions in the refinery.
As seen in the Punch, the issuance of 4.1 billion new ordinary shares at N525 each is expected to raise roughly N2.15 trillion upon full subscription.
Additionally, the Financial Times rounded its figure to about $49 billion, following an equity valuation of about ₦63 trillion, or $47.59 billion.
Dangote is seeking to raise at least $1.6 billion from the offer, which represents about 3.3% of the refinery.
While initial access to the IPO is exclusive to Nigeria, Dangote has insisted that the refinery would be open to the broader African market.
Likewise, the Dangote Refinery listing, over the last few months, has attracted attention from stock exchanges in South Africa, Egypt, Ghana, Kenya, and Rwanda, which have held discussions with the refinery’s advisers on ways to provide investors in their markets access to the share sale.
It is also important to note that the company is planning to expand the refinery’s production capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029, ensuring that the product has a high upside.