Aliko Dangote Makes $1 Billion in 24 Hours, New Net Worth Impressive
- Aliko Dangote added $1 billion to his fortune on Monday, pushing his net worth to $32.5 billion
- The gain comes as Dangote Petroleum Refinery prepares a N2.15 trillion share offering opening September 14
- The refinery IPO will test investor appetite at a valuation that has drawn comparisons to global refining peers
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Aliko Dangote's net worth climbed $1 billion on Monday to reach $32.5 billion, according to the Forbes real-time billionaire tracker, as investors sized up the upcoming public offering of his petroleum refinery.
The single-day gain followed a $3.3 million rise on Friday and lifted his fortune 3.3% from $31.5 billion, based on figures recorded at 10:30 a.m. on Monday, September 7.
Source: Getty Images
Since the end of 2025, when his wealth stood at $25.6 billion, his fortune has risen 27%.
Bloomberg's Billionaires Index put the figure higher, valuing Dangote at $35.5 billion on Monday, up from $34.5 billion on Friday, reflecting a similar $1 billion increase through a separate valuation method.
Refinery IPO Opens September 14
The wealth movement coincides with the countdown to what could be one of the largest equity offerings in Nigerian capital market history.
Dangote told investors and analysts in Botswana last Thursday that the refinery's initial public offering would open within 10 to 12 days, with the order book set to begin on September 14.
He said:
"So we dream that we want to make sure we double the capacity of the refinery which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days."
The offering covers 4.1 billion ordinary shares priced at N525 each, which could raise roughly N2.15 trillion, or about $1.5 billion, if fully subscribed.
The Securities and Exchange Commission has approved the offering and registered the refinery's existing 120.13 billion ordinary shares, giving the company a total implied equity valuation of about N63 trillion, or roughly $47 billion.
Source: Getty Images
A 15% greenshoe option will also be available if demand exceeds the base offer.
Proceeds are earmarked for expanding the refinery's capacity from its current 700,000 barrels per day to 1.4 million barrels per day, alongside growth in its petrochemical operations.
Dangote has also said he wants investors from across Africa, not just Nigeria, to take part:
"This is not a Nigerian listing. It's an African listing."
Once publicly traded, the refinery's share price will give the market a concrete basis for valuing what is arguably the biggest asset in Dangote's business empire.
5 steps to buy refinery shares as IPO date is announced
Earlier, Legit.ng reported that investors are preparing to participate in the planned Initial Public Offering of Dangote Refinery, following confirmation that the share sale is expected to begin in September 2026.
Aliko Dangote, President and Chief Executive of the Dangote Group, announced the timeline during a visit to the refinery complex in Lagos, involving Femi Otedola, chairman of First HoldCo, and other senior executives from the group and its subsidiaries.
For prospective investors interested in purchasing shares when the offer opens, there are five key steps to follow.
Source: Legit.ng
