- Aliko Dangote’s net worth surged to $51.3 billion after the IPO of his $20 billion oil refinery, according to Forbes.
- The IPO was launched on the Nigerian Stock Exchange, offering 4.1 billion new ordinary shares at N525 each, aiming to raise N2.15 trillion.
- Bloomberg currently values Dangote’s net worth lower, at $35.3 billion, despite Forbes’s higher estimate.
- The refinery plans to expand production capacity from 700,000 to 1.4 million barrels per day by 2029, enhancing its long-term potential.
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
As mentioned earlier, Nigeria’s top industrialist launched the IPO of the <a href="https://usglobalxpress.com/dangote-refinery-nigerians-buying-into-africas-biggest-share-sale/" title="Dangote refinery: Nigerians buying into Africa’s biggest share sale”>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