Nigerian billionaire Aliko Dangote, who went from selling sweets to his classmates to becoming the wealthiest person on the continent, is now on the verge of what could be the largest initial public offering (IPO) in African history.
Dangote's business empire spans across Africa. He initially planned to raise $1.6 billion through the IPO to transform his flagship mega-refinery into the world's largest. The closing of this offering is scheduled for Tuesday.
The magnate extended the application deadline for what he called the 'people's IPO' to allow more Africans to participate, although interest in the offering has already exceeded the target amount 'more than three or four times'.
The initial plan involved involving 10 million investors in the offering, which was designed for low-income individuals in Africa. Shares were sold at $0.40 per share, and the minimum investment of 10 shares cost $4.
Part of the funds raised will be directed towards doubling the capacity of his refinery in Lagos, which produces 700,000 barrels per day and already surpasses any similar facilities in Europe.
Origins of Success
Dangote, a great-grandson of the wealthiest businessman of colonial Nigeria, Alhassan Dantata, demonstrated early business acumen as a child—buying sweets before selling them to his schoolmates when he was only eight years old.
Currently, at the age of 69, his net worth surpasses that of everyone on the continent, valued at $35.7 billion according to the Bloomberg Billionaires Index, while Forbes estimates his wealth at $51.3 billion.
His vision for Africa and deep understanding of local markets over decades have given him a competitive edge over foreign multinational corporations in sectors such as manufacturing and fossil fuels.
When asked when Africa would stop needing fuel imports, he stated to AFP in Kenya last month: 'Most African countries will be self-sufficient by 2030.'
Perseverance and Foresight
By launching his $16 billion, 700,000 barrels-per-day refinery in Kenya, Dangote stated: 'This is Africa uniting to build Africa.'
He added: 'We are laying the foundation for a new chapter in Africa's industrial journey toward a brighter future.' After graduating from Al-Azhar University in Egypt, Dangote began trading cement, rice, and sugar. Later, he moved into producing these goods, building mega-factories and expanding operations into at least 14 African countries.
By 2030, he aims to make the Dangote Group Africa's first $100 billion company. Time magazine included Dangote in its list of the 100 most influential people in the world in 2026.
Nigerian business leader and philanthropist Tony Elumelu was quoted in Time Magazine saying: 'He is tireless, resilient, and visionary. He is one of the greatest African entrepreneurs of our time.'
Factories, Not Private Jets
By offering ordinary Nigerians and Africans the chance to own a stake in the continent's largest industrial project, Dangote emphasized that the IPO was not just about fundraising: 'It is about our own Africans becoming part of this refinery.'
Nigerian economist Bimark Rewane called what Dangote did the 'democratization of the economy' on a continent marked by sharp inequality between rich and poor.
Despite often staying out of the spotlight and preferring understated attire, Dangote sometimes drives himself without the long convoys of security that accompany many Nigerian elites.
Locals have seen him walk from his office to the mosque for Friday prayers in Lagos. Although he bought his first private jet at age 22, Dangote says he is comfortable traveling on commercial flights. He noted that he recently took 30 minutes to find parking for his jet in the capital Abuja and expressed a wish that 'the place was full of factories, not private jets.'
Dangote has lived in the same house for almost four decades and does not plan to move, having also sold his overseas country homes. Among his hobbies, he lists business, working regularly 18 hours a day.
Philanthropy and Football
The magnate, who stated he has donated a third of his fortune to the Dangote Foundation, is also actively involved in social aid. His foundation has spent millions of dollars on education, healthcare, and disaster relief, assisting victims of the recent Ebola outbreak in West Africa and building a COVID isolation center during the pandemic.
In 2012, he collaborated with the Bill & Melinda Gates Foundation to eradicate polio in Nigeria. He wants his legacy to be that he 'initiated... the industrialization of Africa,' as he told Nikolai Tangent, head of Norway's sovereign fund, in a podcast earlier this year.
Like many Nigerians, Dangote is a passionate football fan and considered buying a stake in Arsenal, which would have made him the first African owner of an English Premier League club. However, given competing demands on his time, he decided that 'it is better to remain a fan and continue funding his own business.'
