Follow Us on Google Discover
Africa’s richest man, Aliko Dangote, saw his fortune rise to $51.3 billion, according to Forbes, on Monday, September 14, 2026.
The development comes as Dangote Petroleum Refinery and Petrochemicals (DPRP) launched its highly anticipated IPO on the Nigerian Exchange (NGX), with strong investor demand on the opening day.
The offering is expected to become Africa’s largest public share sale. It opened on September 14 and is scheduled to close on October 13, 2026.
What they are saying
At N525 per share, the offer values the shares being sold at N2.15 trillion. The IPO is part of Dangote’s plan to deepen public ownership of the refinery while raising fresh capital to support its expansion plans.
Also Read
- For Dangote, the transaction comes as his personal fortune reaches a new level on the Forbes Real-Time Billionaires list.
- Forbes’ latest tracker puts his net worth at $51.3 billion as of September 14, 2026, up $7 million on the day. He ranks 36th among the world’s richest people and remains No. 1 in Africa.
Dangote’s fortune is largely linked to his holdings in Dangote Cement and his interests in the wider Dangote Group, with the refinery increasingly becoming an important part of his industrial empire.
Get up to speed
The Securities and Exchange Commission approved the Dangote Refinery IPO on September 5, clearing the way for the company to offer 4.1 billion shares at N525 each and target about N2.15 trillion from investors.
- Nairametrics previously reported that the offer could become Africa’s largest share sale, surpassing previous major transactions on the continent. The refinery is also seeking to use the proceeds to support its planned expansion.
- The company has been valued at between N77.7 trillion and N82.62 trillion by research analysts ahead of the IPO, giving investors an indication of the scale of the business they are being invited to own.
The Dangote Refinery has a nameplate capacity of 650,000 barrels per day and began refining operations in 2024 after years of construction and billions of dollars in investment.
Dangote has also outlined plans to expand the refinery’s capacity to 1.4 million barrels per day, which would more than double its current capacity.
What you should know
His wealth has fluctuated considerably over the years. Forbes valued Dangote at about $10.1 billion in 2011, when he was already Africa’s richest person. By the end of 2012, his fortune had risen to about $12.8 billion, before jumping to $22.9 billion in 2013, after Dangote Cement shares gained 74% during the year. Forbes described him as the biggest billionaire gainer in Africa that year, with his fortune increasing by $10.1 billion.
- His wealth reached about $25 billion in 2014, putting him among the 25 richest people in the world at the time.
- The years that followed were more volatile. By 2019, Forbes’ real-time estimate had put his fortune at about $8.8 billion, while his wealth fell further during periods of market and currency pressure. In June 2023, Forbes valued his fortune at $10.4 billion, down from $14.1 billion just days earlier, highlighting how quickly billionaire wealth can change with market valuations.
- The biggest recent jump came with the completion and commencement of operations at the Dangote Refinery. Forbes’ 2025 billionaire ranking valued Dangote at $23.9 billion, up from $13.4 billion in 2024, effectively adding more than $10 billion to his fortune in a year as the refinery began contributing to the valuation of his business empire.
Forbes’ 2026 annual billionaires list subsequently valued him at $28.5 billion as of March 1, 2026, up $4.6 billion from the previous year.
His latest $51.3 billion real-time valuation therefore marks another major step in the growth of his fortune, putting his wealth about 3.8 times above his 2024 Forbes valuation of $13.4 billion.
