Africa’s richest man, Aliko Dangote, has recorded his highest-ever estimated net worth at $51.3 billion, according to Forbes’ real-time billionaire tracker released on Monday.
The latest valuation places the President and Chief Executive Officer of Dangote Industries Limited at 36th among 3,397 billionaires globally, making him the only African currently ranked among the world’s 40 richest people.
Dangote’s latest fortune represents a significant increase from the $31.5 billion Forbes recorded for him on September 4 and is more than double the $25.6 billion valuation recorded at the end of 2025.
The sharp rise has been linked largely to the Dangote Petroleum Refinery, which opened its public share offering on September 14, 2026.
The offer consists of 4.1 billion ordinary shares priced at N525 each, with investors required to purchase at least 10 shares, valued at N5,250. The offer is scheduled to close on October 13, 2026.
The company is targeting about $1.6 billion from the share sale, giving the refinery an estimated valuation of approximately $47.6 billion.
Forbes said the public offering provided a clearer market reference for valuing the refinery and Dangote’s 87 per cent ownership stake.
“There’s likely more riches coming his way as his refinery, the continent’s largest, begins selling shares to individual investors,” Forbes stated.
The refinery’s IPO reportedly attracted N1.5 trillion in subscriptions within six hours of opening on the Nigerian Exchange, making it the largest public offer in Africa’s history.
Despite Forbes’ $51.3 billion valuation, Bloomberg’s Billionaires Index placed Dangote’s wealth at $35.3 billion as of Monday.
Bloomberg, however, estimated that the IPO could add as much as $22.9 billion to Dangote’s wealth, potentially taking his fortune to $58.2 billion. That valuation could move him ahead of American investors Ken Griffin and Eric Schmidt.
The difference between the two estimates is largely linked to how the organisations value privately held assets compared with publicly traded investments.
Forbes updates its billionaire estimates frequently during trading hours, while Bloomberg reviews and values private assets periodically.
Dangote’s lead over other Nigerian billionaires has also expanded considerably in the latest Forbes ranking.
According to Forbes, Abdulsamad Rabiu, Chairman of BUA Group, ranks 309th globally with an estimated fortune of $11.4 billion.
Mike Adenuga, founder of Globacom and Conoil, is ranked 584th globally with $6.9 billion, while Femi Otedola, Chairman of First HoldCo, occupies the 2,241st position with an estimated $1.9 billion.
The figures highlight the widening wealth gap between Dangote and other Nigerian billionaires, with the refinery’s valuation playing a major role in the latest increase.
At $51.3 billion, Dangote’s estimated fortune is now more than twice the combined wealth of the other three Nigerian billionaires listed above.
Market analysts said his wealth could increase further once the refinery shares are fully priced following the conclusion of the offer on October 13.
Source: Forbes
