Bigger than Forbes and Bloomberg report: Africa's richest man questions estimates of his wealth
It far exceeds the figures published by global institutions.
Written by Omnia Hassan
Nigerian billionaire Aliko Dangote, the richest man in AfricaThis sparked widespread controversy after he hinted that his true wealth far exceeds the figures published by global institutions specializing in tracking the wealth of the rich.
He stressed that a large part of his economic empire is still owned through private companies that are not listed on the stock markets, making it complicated to accurately estimate his wealth.
During an interview with James Dumoulin, founder of the “Hard Experience School” platform, Dangote expressed reservations about current estimates of his wealth, noting that the figures being circulated do not reflect the true value of his assets and investments.
Billions in profits within a few months
When asked about the largest amount he had made in a short period of time, the Nigerian businessman revealed that his companies had recorded about $10 billion in the first quarter of the year alone, indicating the enormous financial strength of his economic group.
Dangote added that the figures circulating among international institutions regarding his wealth, which range between $31.6 billion according to Forbes estimates and $35.6 billion according to the Bloomberg Billionaires Index, do not reflect the full picture due to the existence of huge off-exchange assets.
Dangote Refinery: The Hidden Gem
The Dangote Petroleum Refinery, the world’s largest single-line refinery, is one of the group’s most prominent unlisted assets, along with the fertilizer sector, which ranks among the largest industrial projects in Africa.
Market estimates suggest that the refinery is worth between $25 billion and $30 billion, making it one of the most important industrial assets in Africa.
A historic IPO could change the wealth map of Africa
Dangote Group is moving towards a massive initial public offering (IPO) of its refinery across several African stock exchanges, with the possibility of a secondary listing on the London Stock Exchange. The offering is expected to include up to 101 TP3T of refinery shares, with a valuation potentially ranging between $2.5 billion and $3 billion.
The largest in the history of African financial markets
Observers believe that this IPO could become the largest in the history of African financial markets, and could lead to a significant revaluation of Dangote's wealth, confirming the validity of his statements that the actual size of his wealth far exceeds the currently announced figures.
