President of Dangote Industries Limited (DIL), Aliko Dangote, has risen to become the 36th richest person in the world, with his net worth reaching $51.3 billion, according to Forbes’ real-time billionaires index.
The latest valuation represents an increase of roughly $20 billion, following a $2.5 billion private placement and the resulting revaluation of Dangote Petroleum Refinery and Petrochemicals.
Forbes’ real-time billionaires index, sighted by Tribune Online on Tuesday, puts Dangote’s fortune significantly above the $28.5 billion recorded on its annual list in 2026.
The increase comes as Dangote Petroleum Refinery and Petrochemicals opens its initial public offering (IPO) on the Nigerian Exchange. The company is offering 4.1 billion ordinary shares at ₦525 each in a deal valued at about ₦2.15 trillion.
The public offer opened at 8 am on Monday, September 14, with the company targeting up to 10 million investors through a distribution network involving stockbrokers, banks, fintech platforms, telecommunications companies and point-of-sale agents.
The offer has attracted strong early investor interest, with expectations that the record ₦2.15 trillion transaction could be oversubscribed and set a new benchmark for equity fundraising and retail participation on the Nigerian Exchange.
The Nigerian Exchange Group (NGX Group) said traffic across the various investment channels was already exceptionally high on the opening day, while some digital platforms reportedly experienced difficulties handling the volume.
Dangote’s wealth has fluctuated considerably over the past decade. Forbes valued his fortune at $12.2 billion in 2017 and $14.1 billion in 2018 before it fell to $10.4 billion in 2019 and $8.3 billion in 2020.
His net worth subsequently recovered to $11.5 billion in 2021, $14 billion in 2022, $14.2 billion in 2023 and $13.4 billion in 2024.
The annual figure then climbed to $23.9 billion in 2025 before reaching $28.5 billion in 2026.