Aliko Dangote, the founder of Dangote Group and president of Dangote refinery, is now worth $51.3 billion.
According to Forbes’ ‘Real Time Billionaires List,’
Dangote’s net worth jumped 63.37 percent, from the $31.4 billion he was valued
at as of Sunday to $51.3 billion on Monday.
Following the $19.9 billion increase in his net worth,
Dangote’s position on the global billionaires list rose from 76th to 36th.
Dangote’s wealth surged amid the initial public offering
(IPO) of Dangote refinery, a company valued at $50 billion or over N60 trillion
(based on the September 4 exchange rate).
The company commenced the IPO on Monday via the Nigerian
Exchange (NGX), where it is planning to raise N2.15 trillion to support its $40
billion expansion objective, including raising 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, the businessman said Dangote refinery’s market valuation should
reach at least $350 billion by 2030.
During the IPO, which closes on October 13, investors will
have access to over 4.1 billion ordinary shares of Dangote refinery at N525
each, with a minimum subscription of 10 shares at N5,250.
Dangote’s $51.3 billion net worth is drawn from several
industries, as he holds investments in cement, sugar, banking, and oil and gas
companies.
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