Aliko Dangote’s fortune has risen to $51 billion following the formal launch of Dangote Refinery’s initial public offering on the Nigerian Exchange Limited, lifting Africa’s wealthiest individual to 36th place among the world’s richest people.
Key takeaways
- The share sale generated N1.5 trillion within its first six hours on the Nigerian Exchange.
- Dangote Refinery is pursuing N2.15 trillion to fund its growth and expansion programme.
- The offer consists of 4.1 billion ordinary shares priced at N525 each.
- The company aims to attract 10 million investors from Nigeria.
Wealth revaluation follows refinery listing
Data released on Monday showed that the IPO launch had increased the valuation of Dangote’s holdings, taking his personal wealth to $51 billion. The change places the industrialist at No. 36 in the global wealth rankings.
The refinery’s offering accumulated N1.5 trillion in subscriptions during its opening six hours on the NGX, highlighting strong early demand for an equity stake in the large-scale petroleum project.
Details of the capital raising
Dangote Refinery plans to secure N2.15 trillion through the transaction. The proceeds are intended to support the facility’s expansion plans as it develops its operations.
The IPO covers 4.1 billion ordinary shares. Each share has a nominal value of $0.000013 and is being offered to investors at N525. The company is targeting participation from as many as 10 million Nigerian investors.
