Aliko Dangote, Africa's richest man and President of Dangote Industries Limited, has seen his net worth surge by $19.9 billion to $51.3 billion following the commencement of the initial public offering (IPO) of Dangote Refinery. According to Forbes' Real-Time Billionaires List, his fortune rose 63.37% from $31.4 billion on Sunday to $51.3 billion on Monday. The increase lifted him 40 places in Forbes' global billionaires' ranking, from 76th to 36th. The refinery, valued at about $50 billion, is seeking to raise ₦2.15 trillion through the offering to support its expansion programme, including increasing production capacity from 650,000 to 1.4 million barrels per day.
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