September 18, 2026
Africa’s Richest Man Aliko Dangote’s Net Worth Surges Past $50B As Refinery Goes Public
Dangote’s net worth reached an estimated $51.3 billion according to Forbes’ Real-Time Billionaires List.
Nigerian billionaire Aliko Dangote’s estimated fortune has climbed above $50 billion after a new valuation of his oil refinery significantly increased the value of his holdings and widened his lead as Africa’s richest person, Business Insider Africa reports.
Dangote’s net worth reached an estimated $51.3 billion according to Forbes’ Real-Time Billionaires List. The valuation puts his estimated fortune above those of several prominent billionaires, including Alibaba co-founder Jack Ma and Nike co-founder Phil Knight.
The increase comes as Dangote Petroleum Refinery & Petrochemicals moves forward with what some describe as Africa’s largest initial public offering to date. The company launched the sale of 4.1 billion shares on Sept. 14, seeking to raise 2.15 trillion naira, or about $1.6 billion. The offering values the refinery at approximately $47.6 billion.
The refinery’s valuation has become a major driver of Dangote’s estimated personal wealth. However, billionaire wealth estimates vary by publication and methodology. Reuters reported that other estimates place Dangote’s fortune between $31 billion and $35 billion.
The Lagos-based refinery was built over 10 years at a cost of about $20 billion and began operations in 2024. It can process 700,000 barrels of crude oil per day and reached full capacity this year. Dangote plans to use proceeds from the public offering to help double the refinery’s capacity to 1.4 million barrels per day by 2029.
The public offering also gives retail investors access to one of Africa’s largest industrial projects. Investors can purchase a minimum of 10 shares at 525 naira each, requiring an investment of about $4. The shares are expected to begin trading on Nigeria’s main stock exchange in November.
Dangote’s business interests extend beyond petroleum. His conglomerate includes operations in cement, sugar and salt across more than a dozen African countries. He built much of his fortune through the cement business before the refinery emerged as another major component of his wealth.
RELATED CONTENT: Aliko Dangote, Africa’s Richest Man, Appoints Daughters To Key Business Roles