Dangote’s fortune hits $51bn after refinery IPO raises N1.5tn on NGX

The President of Dangote Group, Aliko Dangote’s fortune rose to $51 billion after Dangote Refinery’s Initial Public Offering, IPO, officially kicked off at the Nigerian Exchange Limited, NGX.

This is according to Forbes data released on Monday.

With the revaluation of Dangote’s fortune, Africa’s richest man is now the 36th-richest person in the world.

DAILY POST reports that Dangote Refinery’s IPO raised N1.5 trillion in its first six hours after opening on the NGX.

Dangote Refinery is seeking to raise N2.15 trillion through to boost its expansion plans.

The refinery’s IPO comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of N525 per share, targeting 10 million Nigerian investors.

Dangote’s fortune hits $51bn after refinery IPO raises N1.5tn on NGX