Dangote Launches Africa's Biggest IPO, Fortune Rises to $51 Billion

Aliko Dangote, Africa's wealthiest individual, launched the continent's largest-ever initial public offering on Monday, September 14, 2026, opening a stake in his massive oil refinery to public investors. The IPO for Dangote Petroleum Refinery and Petrochemicals began trading on the Nigerian Exchange, offering 4.1 billion new ordinary shares at a price of N525 each. The offering aims to raise approximately N2.15 trillion to fund the company's expansion plans. According to Forbes data, the IPO attracted N1.5 trillion in subscriptions within its first six hours of trading. This initial surge contributed to a revaluation of Dangote's personal fortune to approximately $51 billion, moving him to 36th on the global billionaire list. Dangote, President and Chief Executive Officer of Dangote Industries Limited, described the offering as a historic opportunity to democratize wealth creation. "It would enable ordinary Nigerians and investors globally to own shares in one of Africa's major industrial projects," Dangote stated during the opening ceremony in Lagos.