Forbes has revalued Aliko Dangote above $50 billion, adding about $20 billion, after the July private placement repriced his refinery. The magazine had him at about $31.5 billion on Sept. 4. The mechanism: Forbes had been carrying the refinery at a conservative figure because it was private and had no traded price; the placement gave it one, and applying that price to Dangote's holding produced the jump - no shares changed hands on his side.
Bloomberg has not gone as far; its Billionaires Index still carries him at $35.3 billion, though its own calculations project $58.2 billion once the offer completes, an increase of about $22.9 billion, moving him past Ken Griffin and Eric Schmidt. The offer that prompted it opened Monday, Sept. 14, on the NGX trading floor in Lagos: Dangote Petroleum Refinery and Petrochemicals is selling 4.1 billion ordinary shares at N525 each, seeking about N2.15 trillion ($1.6bn), the largest share sale in African history, covering just 3.3% of the company; it closes Oct. 13.
NGX Group CEO Temi Popoola said the exchange has built connectivity across more than 50 distribution channels including stockbrokers, banks and fintech platforms. Punch reported the exchange saw a N1.8 trillion drop the previous Tuesday linked to investors repositioning ahead of the offer, and the SEC issued a cease-and-desist notice in June over unapproved promotional activity around the listing.
The demand left over from July is expected to flow into the public sale. Source: billionaires.africa/2026/09/14/nigerian-billionaire-aliko-dangote-crosses-50-billion-on-the-forbes-list/
