Aliko Dangote, President of Dangote Petroleum Refinery, has moved up to the 36th position on the global billionaires’ ranking after his net worth rose sharply to 51.3 billion dollars.
According to Forbes’ Real-Time Billionaires List, Dangote’s wealth increased by 19.9 billion dollars on Monday, rising from 31.4 billion dollars. The increase represents a 63.37 per cent growth in his estimated fortune.
The latest development has pushed the Nigerian industrialist 40 places higher on the global ranking, moving him from 76th to 36th position.
The significant rise in Dangote’s wealth comes amid the launch of the initial public offering (IPO) of Dangote Refinery, one of Africa’s largest petroleum refineries.
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With the new valuation, Dangote remains Africa’s richest person and has further strengthened his position among the world’s wealthiest individuals.
The Dangote Refinery, located in Lagos, has a crude oil processing capacity of 650,000 barrels per day.
The refinery is one of the major investments of the Dangote Group in Nigeria’s oil and gas sector and has been positioned as a key player in the country’s petroleum industry.
The company’s IPO is expected to increase public participation in the refinery and provide additional opportunities for investors to own shares in the business.
Dangote’s latest ranking highlights the growing value of his business interests and the increasing significance of the refinery to his overall wealth.
