Aliko Dangote’s net worth jumps 63% to $51.3 billion as his refinery begins a N2.15 trillion IPO on the Nigerian Exchange.
Aliko Dangote, founder of Dangote Group and president of Dangote Refinery, has seen his net worth surge by 63.37 percent to $51.3 billion following the launch of the refinery’s initial public offering (IPO).
According to Forbes’ Real Time Billionaires List, 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.
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.