Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has seen his net worth rise by $19.9 billion to $51.3 billion following the commencement of the initial public offering of Dangote Refinery.

According to Forbes’ Real-Time Billionaires List, Dangote’s fortune increased by 63.37 per cent, from $31.4 billion on Sunday to $51.3 billion on Monday.

The surge moved him 40 places up the global billionaires’ ranking, from 76th to 36th.

The sharp increase coincided with the commencement of the Dangote Refinery IPO on the Nigerian Exchange.

The refinery, valued at about $50 billion, is seeking to raise ₦2.15 trillion through the offer to fund its expansion programme. The broader $40 billion expansion plan includes increasing its production capacity from 650,000 barrels per day to 1.4 million barrels per day.

More than 4.1 billion ordinary shares are being offered at ₦525 per share, with a minimum subscription of 10 shares costing ₦5,250. The offer is scheduled to close on October 13.

Speaking during the company’s Fact Behind The List programme, Dangote said the refinery’s market valuation could rise to at least $350 billion by 2030.

The IPO is expected to raise domestic capital for the refinery’s expansion while giving Nigerians and other investors an opportunity to acquire stakes in one of the country’s largest industrial projects.

Dangote’s $51.3 billion fortune, however, is not based solely on his stake in the refinery. His wealth also reflects investments across cement, sugar, banking, oil and gas and other businesses within the Dangote Group.