Africa's richest man, Aliko Dangote, stands to significantly increase his net wealth by approximately $23 billion, potentially boosting his fortune to nearly $60 billion, through the continent's largest-ever initial public offering (IPO). The public offering of Dangote Petroleum Refinery and Petrochemicals on the Nigerian exchange launched on Monday, September 14, 2026.

This landmark flotation represents a major move for Dangote, who has historically dominated sectors like cement and sugar in Nigeria. The Nigerian oil refinery and petrochemicals business is a more recent venture, but its successful listing could mark a new era of expansion and valuation for his conglomerate.

If the IPO is fully subscribed as planned, Dangote's net worth could surge by two-thirds. The offering is structured to attract a wide range of investors, with a minimum subscription of just 10 shares priced at 5,250 naira (£2.94). The subscription period will remain open for one month, concluding on October 13, 2026.

The implications of this IPO extend beyond Dangote's personal wealth. If fully subscribed, the refinery's valuation is projected to reach approximately 65.22 trillion naira (£36.5 billion). This initiative is also being promoted as a wealth-building opportunity for Nigerians, particularly targeting younger investors through banking and fintech platforms.

Dangote, 69, has framed the IPO as "an IPO for the people," emphasizing its role in fostering economic growth and wealth creation within Nigeria. This strategy aims to counter criticisms regarding his significant political influence and near-monopolies in certain sectors, which have been facilitated by favorable policies in Nigeria.

Previously, Dangote has defended his business practices, stating, "We have chosen to build here, to employ here, to produce here. Let us not use the cry of monopoly to stall growth. No one is prevented from investing." His entrepreneurial journey began in the late 1970s with a loan from his maternal grandfather, who was part of one of West Africa's historically wealthy families, the Dantatas.

The Dangote refinery, a $20 billion investment, commenced operations on the outskirts of Lagos in January 2024. Its establishment has been credited with transforming Nigeria into a net exporter of refined fuel for the first time, addressing a long-standing challenge for the oil-rich nation.

This IPO is expected to draw significant attention from both domestic and international investors, given the scale of the offering and the strategic importance of the refinery to Nigeria's economy. The success of the subscription will be closely watched as an indicator of investor confidence in Nigeria's burgeoning energy sector and Dangote's business acumen.