Dangote Worth $50 Billion After IPO Launch—Forbes
Africa’s richest man has become a lot richer after the launch of the Initial Public Offering by the Dangote Petroleum Refinery and Petrochemicals FZE on Monday.
According to Forbes, “An oversubscribed $2.5 billion private placement pushes the net worth of Nigeria’s Aliko Dangote up $20 billion to over $50 billion.”
The IPO is expected to raise about N2.15 trillion for the private refinery ($1.6 billion), cementing its position as one of the largest capital-raising exercises in African history.
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