By Gloria Drealomalicha
Africa’s richest man, Aliko Dangote, has seen his net worth surge by $19.9 billion in a single day, taking his fortune to $51.3 billion, according to Forbes’ Real-Time Billionaires List.
Dangote, founder of the Dangote Group and president of Dangote Refinery, was valued at $31.4 billion on Sunday. By Monday, his net worth had risen to $51.3 billion, representing a 63.37 per cent increase.
The sharp rise also lifted his position on Forbes’ global billionaires ranking from 76th to 36th.
The increase comes as Dangote Refinery commenced its initial public offering (IPO) on the Nigerian Exchange (NGX), with the company seeking to raise N2.15 trillion to fund its expansion plans.
The refinery, which is currently capable of producing 650,000 barrels of crude oil per day, plans to increase its capacity to 1.4 million barrels per day as part of its expansion programme.
The company is valued at about $50 billion, or more than N60 trillion based on the September 4 exchange rate.
Speaking during the refinery’s ‘Fact Behind The List’ programme, Dangote said he expects the company’s market valuation to reach at least $350 billion by 2030.
The IPO, which opened on Monday and is scheduled to close on October 13, offers investors more than 4.1 billion ordinary shares at N525 per share.
The minimum subscription is 10 shares, costing N5,250.
Dangote’s fortune is spread across several sectors, with investments in cement, sugar, banking and oil and gas.
The latest increase in his wealth further strengthens his position among the world’s richest individuals and highlights the growing financial value attached to his expanding business interests.
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