Aliko Dangote’s fortune has surged to $51.3 billion, according to Forbes, following a major revaluation of his stake in the Dangote Refinery as the company’s landmark initial public offering (IPO) gets underway. The increase makes Dangote one of the world’s 40 richest people, with the latest valuation reflecting the rapidly rising value of the refinery ahead of its public listing. The refinery was valued at about $40 billion during a $2.5 billion private placement in July; its IPO now puts its implied valuation at roughly $48 billion.

The numbers surrounding the IPO are equally significant. The Dangote Petroleum Refinery and Petrochemicals is offering 4.1 billion shares at ₦525 each, seeking to raise approximately ₦2.15 trillion ($1.6 billion). The offering, which opened on September 14, is Africa’s largest-ever IPO and is expected to run until October 13, with trading scheduled to begin later in the year. Investors wasted little time responding. Within the first six hours of the offer opening, subscriptions had reached approximately ₦1.5 trillion, representing roughly 70% of the target raise and signalling unusually strong demand for the deal.

That demand has already overwhelmed some investment platforms, with banks and fintechs reporting a rush of investors attempting to buy into the refinery. The enthusiasm has also prompted Dangote to say he could make additional shares available if the IPO is oversubscribed. For everyday Nigerians, the offer has been deliberately structured to make participation relatively accessible. Investors can subscribe for a minimum of 10 shares, costing ₦5,250, giving retail investors a chance to own a piece of the company behind Africa’s largest refinery.

The refinery itself has become increasingly important to Dangote’s expanding industrial ambitions. The 700,000-barrel-per-day facility reached full capacity this year and recorded $1.82 billion in net profit in the first half of 2026, reversing nearly $2 billion in losses accumulated across 2024 and 2025. The proceeds from the IPO are expected to help fund further expansion, with Dangote targeting capacity of 1.4 million barrels per day over the next few years. The group has also outlined plans for further energy investments, including a proposed refinery in Kenya.