Aliko Dangote, Africa's richest man, has achieved his highest-ever recorded net worth, according to Forbes' latest ranking of the world's billionaires. The Forbes real-time billionaire tracker placed Dangote's fortune at $51.3 billion, ranking him 36th among 3,397 billionaires worldwide.
This marks a sharp increase from the $31.5 billion Forbes recorded for Dangote on September 4, 2026, and more than doubles the $25.6 billion he held at the end of 2025. The Nigerian industrialist now sits among the top 40 richest people globally, a position he has never reached before.
Dangote Refinery's Public Share Offering Drives Wealth Surge
The surge in Dangote's wealth coincides with the public share offering of his Dangote Refinery, one of Africa's largest industrial projects. The refinery's public offer opened on September 14, 2026, comprising 4.1 billion shares priced at N525 each. Investors can subscribe for a minimum of 10 shares, costing N5,250, and the offer is expected to close on October 13, 2026.
The company aims to raise approximately $1.6 billion from the offering, which values the refinery at roughly $47.6 billion based on the offer price. According to BusinessDay, the shares being offered represent about 3% of the refinery.
Forbes noted in a report on Monday that the public offering could further increase Dangote's wealth as the company opens its ownership to individual investors. The report stated: "There's likely more riches coming his way as his refinery, the continent's largest, begins selling shares to individual investors."
Forbes and Bloomberg Estimates Differ on Dangote's Fortune
While Forbes places Dangote's wealth at $51.3 billion, Bloomberg's Billionaires Index estimated his fortune at $35.3 billion on Monday, reflecting the different methodologies the two organisations use to value billionaires' assets. Forbes' real-time estimates are updated frequently during trading hours to reflect movements in publicly traded assets, while private assets are valued periodically.
Bloomberg estimated that Dangote's wealth could rise to as much as $58.2 billion following the refinery's public offering. According to Bloomberg calculations, the IPO could add as much as $22.9 billion to Dangote's personal wealth, potentially pushing him past investors Ken Griffin and Eric Schmidt in global rankings.
Other Nigerian Billionaires in Forbes Ranking
Forbes' latest ranking also includes other Nigerian billionaires. Abdulsamad Rabiu is ranked 309th with a net worth of $11.4 billion, Mike Adenuga is 584th with $6.9 billion, and Femi Otedola is 2,241st with $1.9 billion.
The Dangote Refinery IPO has already drawn significant interest. Legit.ng reported that the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE drew roughly N1.5 trillion in subscriptions within six hours of opening on the Nigerian Exchange in Lagos on Monday, September 14, 2026, in what is being described as the largest IPO in Africa. The IPO targets up to 10 million retail investors, making it one of the most accessible major equity offerings Nigeria has seen, with a minimum subscription of 10 shares at N525 per share, meaning retail investors can enter for as little as N5,250.
