Nigerian billionaire, Aliko Dangote is currently worth $35.5 billion on the Bloomberg Billionaires Index (BBI), ranking him 64th richest globally, with $18.6 billion attributed to his 92.3% stake in the Dangote Petroleum Refinery - Bloomberg still calculates using the plant's roughly $20 billion construction cost rather than a market price. That is about to change as MoneyCentral estimates Dangote's net worth would jump to $56.9 billion once the Refinery IPOs and starts trading on the NGX in a week's time.
Dangote plans to open the order book on September 14, selling 4.1 billion shares at N525 apiece, out of 120.13 billion ordinary shares now formally registered by the SEC - implying a total refinery valuation of roughly N63.07 trillion (~$48 billion). Breaking Down the Numbers: if the IPO sells 4.1 billion shares at N525 it implies a true float of about 3.41%; the July private placement ($2.5bn at $0.35/share) works out to ~7.14 billion shares (5.9% of the base); NNPC owns 7.25%.
Subtracting NNPC (7.25%), private placement (5.9%) and IPO (3.41%) leaves 83.4% held by Dangote Group after the IPO - approximately $40.0 billion at the $48bn valuation, placing his implied new BBI net worth at ~$56.9 billion. Dangote Jumps to Top-40: as of Saturday September 5th, Zeng Yuqun was 33rd ($57.6bn), Ken Griffin 34th ($57.5bn), Eric Schmidt 35th ($57.4bn), Ma Huateng 36th ($52.9bn); a net worth in the $56.7-57.1bn range would place Dangote just below Schmidt and above Ma Huateng - the 36th richest person on earth.
The ~$21bn uplift crystallizes once the refinery begins trading on the NGX on September 14th. Source: moneycentral.com.ng/markets/article/dangotes-wealth-set-to-jump-past-56-billion-into-worlds-top-40-on-ipo/
