Key takeaways:<\/p>\n
Dangote\u2019s wealth could rise by $22.9 billion to $58.2 billion if the refinery IPO achieves its projected valuation.<\/p>\n
The IPO is expected to raise about $1.6 billion<\/p>\n
The listing could give Dangote fresh capital to expand the refinery and his wider African operations.<\/p>\n
Africa\u2019s richest man, Aliko Dangote\u2019s, net worth could rise by as much as $22.9 billion to $58.2 billion after the initial public offering of his refinery, potentially making him one of the world\u2019s wealthiest people.<\/p>\n
The Dangote Petroleum Refinery and Petrochemicals Fze is set to open its IPO on Sept. 14 in Nigeria, with the offering expected to value the business at almost $50 billion, according to Bloomberg calculations.<\/a><\/p>\n Dangote is expected to raise about $1.6 billion from the offering, which is Africa\u2019s biggest IPO to date, as he seeks to expand the refinery\u2019s capacity and extend his business across the continent.<\/p>\n The refinery reached full capacity this year, helping Nigeria become a net exporter of refined petroleum products and shielding the country from supply disruptions linked to the war in Iran.<\/p>\n \u201cWe, as Nigerians and Africans, must be bold and lead the change to develop our economies,\u201d Dangote said at an IPO signing ceremony in Lagos. \u201cOnly then will the others take us very seriously, only then we\u2019ll be in a position to negotiate and walk away with terms we deserve, not those terms that are given to us.\u201d<\/p>\n Dangote currently has a net worth of $35.3 billion, according to the Bloomberg Billionaires Index. The potential $22.9 billion increase would push him past U.S. hedge fund manager Ken Griffin and technology billionaire Eric Schmidt.<\/p>\n The IPO is being marketed as \u201can IPO for the people,\u201d with a minimum subscription of 10 shares and Shariah-compliant status. The company\u2019s strategy may also allow it to pay dividends in U.S. dollars.<\/p>\n