Aliko Dangote’s estimated fortune rose to $53.2 billion on Monday as shares in Dangote Cement surged to a record high, pushing the company’s market capitalisation above N20 trillion for the first time, ahead of the closing of his refinery’s initial public offering (IPO) on Tuesday.
BusinessDay’s analysis of Forbes’ real-time billionaire tracker showed that Dangote, Africa’s richest man and founder of Dangote Group, added $1.2 billion to his estimated wealth on Monday, taking his net worth to $53.2 billion as of October 26, 2026, from $51 billion on October 20.
This means the industrialist’s fortune increased by $2.2 billion in less than a week, reflecting the combined effect of rising valuations of his publicly traded holdings and the earlier reassessment of his stake in the privately held Dangote Petroleum Refinery.
The latest gain coincided with a 10 percent rally in Dangote Cement shares on the Nigerian Exchange Limited (NGX), lifting the stock to N1,222.10 per share from N1,111 and raising the company’s market capitalisation to N20.6 trillion from N18.5 trillion on Friday.
The milestone makes Dangote Cement the second most valuable listed company on the NGX and the second to cross the N20 trillion market-capitalisation threshold, highlighting the growing influence of the industrial group on Nigeria’s equity market.
The latest rally has extended the stock’s gains this year. The continent’s largest cement producer opened trading in January at N609 per share and has since advanced 100.7 percent to its October 26 closing price, reaching a 52-week high.
The surge comes as investors approach the October 27 deadline for subscriptions to Dangote Petroleum Refinery and Petrochemicals’ N2.15 trillion ($1.6 billion) IPO, which offers 4.1 billion shares at N525 apiece.
The refinery extended the offer period from October 13 to October 27 following approval from the Securities and Exchange Commission, citing strong investor interest and efforts to broaden participation across African markets.
In a notice announcing the extension, the company said the additional time would support market-access initiatives across African jurisdictions and help prospective investors complete account-opening, identity-verification and regulatory requirements.