Africa’s richest man, Aliko Dangote, has seen his net worth surge by about $20 billion to $51 billion following the valuation of his oil refinery after an oversubscribed $2.5 billion private placement, according to Forbes.
The development comes as Dangote’s privately controlled refinery, the largest in Africa, opens its ownership to individual investors for the first time on Monday, September 14, in what is expected to be the biggest initial public offering (IPO) in the continent’s history.
Speaking to Forbes ahead of the share sale, Dangote said, “We have D-Day on Monday,” explaining that he only learned the exact timing of the IPO late. He added that he would now arrive late at an investment summit in Canada, which he had promised Prime Minister Mark Carney he would attend.
Dangote said he would not miss the historic launch, stressing that the move is not only about raising money but also about creating wealth for Africans.
“Selling these shares now is us making sure that we create wealth for other people,” Dangote said. “Just like what Amazon and Microsoft have done. That kind of thing but for an African company.”
The refinery’s public offering could further increase Dangote’s fortune as its shares become publicly traded.
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