Africa’s richest man, Aliko Dangote, saw his net worth rise to $51.3 billion on September 14, 2026, as shares in Dangote Petroleum Refinery and Petrochemicals opened for public subscription on the Nigerian Exchange (NGX).

According to Forbes’ Real-Time Billionaires tracker, Dangote’s fortune increased by $7 million on the day, placing him 36th among the world’s richest people and maintaining his position as Africa’s wealthiest individual.

The increase coincides with the opening of the Dangote Refinery’s initial public offering, which is expected to become Africa’s largest public share sale.

The IPO, which opened on September 14 and is scheduled to close on October 13, offers 4.1 billion shares at N525 per share, valuing the shares on offer at approximately N2.15 trillion.

The Securities and Exchange Commission approved the offering on September 5. The transaction is part of Dangote’s strategy to broaden public ownership of the refinery while raising capital for its planned expansion.

Refinery drives valuation

The Dangote Refinery has a nameplate capacity of 650,000 barrels per day and began refining operations in 2024 following years of construction and billions of dollars in investment.

The company has plans to expand capacity to 1.4 million barrels per day, more than doubling its current output potential.

Ahead of the IPO, research analysts have valued the refinery at between N77.7 trillion and N82.62 trillion, highlighting the scale of the business being offered to investors.

Dangote’s wealth is primarily tied to his interests in Dangote Cement and other businesses within the Dangote Group, with the refinery becoming an increasingly important component of his overall business empire.

A sharp rise in wealth

Dangote’s latest valuation represents a significant increase from previous years. Forbes estimated his fortune at $13.4 billion in 2024, before it rose to $23.9 billion in 2025 following the completion and commencement of operations at the refinery.

Forbes’ annual 2026 billionaires list, based on valuations as of March 1, put Dangote’s wealth at $28.5 billion.

His current $51.3 billion real-time valuation is therefore nearly 3.8 times his 2024 wealth estimate, reflecting the significant increase in the market value of his business interests.

Dangote has remained Africa’s richest person for more than a decade, although his wealth has experienced substantial fluctuations as asset prices, exchange rates and valuations of his publicly traded holdings have changed.