Akakan Umoh
Dangote Refinery wealth soared to $51.3 billion or 63.37 percent after the launch of the refinery’s Initial Public Offering, IPO, at the Nigerian Exchange Limited, NGX, Aliko Dangote, founder and president of Dangote Group, said.
Forbes’ Real Time Billionaires List said Dangote’s wealth rose from $31.4 billion on Sunday to $51.3 billion on Monday, representing an increase of $19.9 billion.
The surge moved Dangote 40 places higher on the global billionaires ranking, from 76th to 36th position.
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His wealth increase came as Dangote Refinery commenced its IPO on Monday through the Nigerian Exchange (NGX), with the company targeting N2.15 trillion to fund its $40 billion expansion programme.
The expansion plan includes increasing the refinery’s production capacity from 650,000 barrels per day to 1.4 million barrels per day.
Speaking during the company’s ‘Fact Behind The List’ programme, Dangote said the refinery’s market valuation should reach at least $350 billion by 2030.
The IPO, which closes on October 13, offers investors more than 4.1 billion ordinary shares in Dangote Refinery at N525 per share.
The minimum subscription is 10 shares at N5,250.
Dangote’s $51.3 billion fortune is spread across multiple sectors, with investments in cement, sugar, banking, and oil and gas companies.
