Nigerian billionaire and Chairman of Dangote Industries Limited, Aliko Dangote, has recorded a dramatic increase in his estimated wealth, rising to $51.3 billion and placing him among the 40 richest people in the world, according to Forbes’ Real-Time Billionaires ranking.

Forbes placed Dangote at 36th globally on September 14, 2026, as his fortune climbed above the $50 billion mark. The sharp rise represented a jump from 76th position to 36th on the global billionaire ranking within a short period.

By September 16, the Forbes tracker had Dangote at 35th, with a real-time net worth of $51.3 billion.

The sharp increase came as the Dangote Petroleum Refinery and Petrochemicals opened its highly anticipated initial public offering (IPO) on the Nigerian Exchange.

The refinery is offering 4.1 billion ordinary shares at ₦525 per share, seeking to raise about ₦2.15 trillion ($1.6 billion). The offer is scheduled to close on October 13, 2026, with trading expected to commence later in the year.

The share offering places the refinery's implied valuation at approximately ₦63 trillion ($47.6 billion), providing a clearer market benchmark for valuing Dangote's stake in the business.

Forbes had valued Dangote's fortune at $31.5 billion on September 4, meaning the latest figure represents an increase of nearly $20 billion within a short period. Forbes had earlier reported that an oversubscribed private placement connected to the refinery had already pushed his wealth above $50 billion.

The refinery's financial performance has also strengthened significantly. According to Reuters, the facility recorded $1.82 billion in net profit during the first half of 2026, compared with a $476 million loss for the whole of 2025.

The 700,000-barrel-per-day refinery, which began operations in 2024, has become increasingly important to Nigeria's petroleum industry and is now seeking to expand its capacity to 1.4 million barrels per day.

The IPO is expected to become Africa's largest public share offering, with the company opening ownership of a portion of the refinery to retail and institutional investors while Dangote retains a controlling stake.

Dangote remains Africa's richest person, while his latest Forbes valuation places him among the world's wealthiest individuals. However, billionaire rankings can change frequently because they are affected by market prices and the valuation of privately held assets. Forbes and Bloomberg have also produced different estimates of Dangote's wealth because of differences in valuation methodology.

The development marks another significant milestone for Dangote's business empire, with the refinery now playing an increasingly important role in determining his overall net worth.