Aliko Dangote’s net worth has risen to $51.3 billion following the commencement of the initial public offering of Dangote Petroleum Refinery.

According to Forbes’ Real Time Billionaires List, Dangote’s wealth increased by 63.37 per cent, rising from $31.4 billion on Sunday to $51.3 billion on Monday.

The $19.9 billion increase moved the Nigerian businessman from 76th to 36th position on the global billionaires ranking.

The surge coincided with the opening of Dangote Refinery’s IPO on the Nigerian Exchange on Monday.

The refinery, valued at about $50 billion, is seeking to raise N2.15 trillion through the public offer as part of plans to finance its expansion programme.

The expansion includes increasing the refinery’s production capacity from 650,000 barrels per day to 1.4 million barrels per day, with the company targeting a broader $40 billion expansion programme.

Dangote had earlier said during the company’s ‘Fact Behind The List’ programme that he expects the refinery’s market value to reach at least $350 billion by 2030.

Under the ongoing IPO, investors can subscribe for more than 4.1 billion ordinary shares at N525 per share. The minimum subscription is 10 shares, which costs N5,250.

The offer is scheduled to close on October 13.

Dangote’s fortune is built from investments spanning several sectors, including cement, sugar, banking and oil and gas.