Africa’s richest man hints at being worth more than Forbes says he is, dismissing $38 billion

Dangote made the statements during a street interview with James Dumoulin, the founder of the School of Hard Knocks platform, which is recognized for interviewing some of the world’s richest and most powerful people.

When asked about the most money he had made in a single year, Dangote responded: “Well, first quarter, we did about $10 billion.”

The Nigerian entrepreneur further contested the net worth valuations disseminated by Forbes and various other wealth indices.

“They say I’m worth $38 billion, but most of our businesses are not listed yet,” Dangote said when asked how much he was worth.

“It will come out soon,” the Nigerian industrialist added, seemingly hinting that the true extent of his wealth could become clearer once some of his private businesses are publicly valued.

Dangote’s net worth is currently $31.6 billion, according to Forbes, and $35.6 billion, according to the Bloomberg Billionaires Index.

Some of the crown jewels of Dangote’s corporate empire are not publicly traded, which contributes significantly to the ambiguity surrounding his riches.

The Dangote Group’s publicly traded companies include Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries. However, some of its most valuable assets are still private.

The Dangote Petroleum Refinery stands out as the world’s largest single-train refinery. The group’s fertilizer business is also regarded as one of its most valued unlisted assets.

In an interview with S&P Global in October of last year, Dangote announced plans to sell at least 5% of the refinery’s equity on the Nigerian Exchange between then and 2026.

This earlier timeline has now given way to a more ambitious approach, which includes not just a local listing but also a multi-exchange offering across Africa, significantly boosting the IPO’s scope and potential investor base.

Rather than a traditional single-market IPO, Dangote intends to list shares in the refinery on multiple African stock markets.

The Nairobi Securities Exchange hinted at this tactic, which might be a historic first for the continent, potentially transforming the way large-scale African firms obtain capital.

According to the Dangote Group’s IPO overview, the Dangote Petroleum Refinery’s proposed initial public offering is likely to be the largest in African capital market history.

The group plans to list up to 10% of the refinery’s stock on the Nigerian Exchange Group (NGX), with a potential secondary listing on the London Stock Exchange (LSE).

Estimates show that the refinery’s worth is between $25 billion and $30 billion; the IPO might raise $2.5 billion to $3 billion in equity proceeds.

Such a deal will break prior African IPO records and establish a new standard for the continent’s capital markets.

If the refinery’s market worth matches current projections, it may significantly increase the perceived value of Dangote’s holdings, perhaps validating his claim that his fortune exceeds the statistics provided by Forbes and Bloomberg.