Dangote hits record $51.3bn net worth, rises in global richest rankings

Africa’s richest man, Aliko Dangote, has recorded his highest-ever net worth of $51.3 billion, according to Forbes’ real-time billionaire tracker released on Monday.

The new valuation places the president and chief executive officer of Dangote Industries Limited 36th among 3,397 billionaires globally, making him the only African currently ranked among the world’s 40 richest people.

The latest figure represents a sharp increase from the $31.5 billion Forbes recorded for Dangote on September 4. It is also more than double the $25.6 billion fortune attributed to him at the end of 2025.

The surge has been linked largely to the revaluation of the Dangote Petroleum Refinery following the commencement of its public share offering on the Nigerian Exchange.

Refinery IPO drives Dangote’s wealth higher

The refinery opened its public share offering on September 14, 2026, offering 4.1 billion ordinary shares at N525 each. Investors are required to subscribe for a minimum of 10 shares, representing an investment of N5,250.

The offer is scheduled to close on October 13, 2026, with the refinery seeking to raise about $1.6 billion from the exercise.

The share offering values the refinery at approximately $47.6 billion and provides a clearer market benchmark for determining the value of the facility and Dangote’s 87 per cent stake.

Forbes said the public offering could result in further growth in Dangote’s fortune as the refinery begins selling shares to individual investors.

“There’s likely more riches coming his way as his refinery, the continent’s largest, begins selling shares to individual investors,” Forbes stated.

The refinery’s public offering reportedly attracted N1.5 trillion in subscriptions within six hours of opening on the Nigerian Exchange, making it the largest public offer in Africa’s history.

Bloomberg, Forbes record different valuations

While Forbes currently values Dangote’s wealth at $51.3 billion, Bloomberg’s Billionaires Index put his net worth at $35.3 billion as of Monday.

Bloomberg, however, projected that the refinery’s public offering could potentially add as much as $22.9 billion to Dangote’s fortune.

If that projection materialises, his net worth could rise to approximately $58.2 billion, potentially moving him ahead of American investors Ken Griffin and Eric Schmidt in the global billionaire ranking.

The difference between the two valuations is largely linked to their respective methodologies for assessing privately held assets and publicly traded investments.

Forbes updates its billionaire estimates frequently during trading hours, while Bloomberg values private assets periodically, resulting in significant differences in the figures assigned to Dangote’s refinery stake.

Dangote widens gap over Nigerian billionaires

The latest Forbes ranking has also widened Dangote’s lead over other Nigerian billionaires.

Abdulsamad Rabiu, chairman of BUA Group, is ranked 309th globally with a net worth of $11.4 billion, according to Forbes.

Mike Adenuga, founder of Globacom and Conoil, follows at 584th globally with a fortune of $6.9 billion, while Femi Otedola, chairman of First HoldCo, is ranked 2,241st with an estimated net worth of $1.9 billion.

Dangote’s latest fortune of $51.3 billion means he is now worth more than twice the combined wealth of Rabiu, Adenuga and Otedola, whose fortunes total about $20.2 billion.

Analysts said the widening gap underscores Dangote’s dominance of Nigeria’s billionaire rankings, with the latest increase in his fortune largely driven by the revaluation of his refinery ahead of its public listing.

With the public offer scheduled to close on October 13, market analysts expect Dangote’s wealth to remain under close watch as investors determine the market value of the refinery.

A further increase in the valuation of the refinery could translate into a higher value for Dangote’s stake and potentially push the Nigerian industrialist further up the global billionaire rankings.