00:00Africa's richest person is about to get much richer. Aliko Dangote has a net worth of about
00:06$35.3 billion, and his refineries IPO, the largest on the continent, is set to add as much as $22
00:13.9
00:14billion. That potentially catapults him past hedge fund tycoon Ken Griffin and former Google CEO
00:20Eric Schmidt on the Bloomberg Billionaires Index. And he's not done yet. Dangote Refineries IPO is
00:27just step one in the Nigerian tycoon's continent-wide industrial empire. By 2029, he has said
00:34he wants to double the capacity at his Nigerian oil refinery, creating one of the world's biggest
00:40complexes. And he wants to set up another processing plant in Kenya. The refinery, though, is Dangote's
00:48biggest bet yet, representing more than a decade's worth of work and about $19 billion of investment.
00:55And to actually build his refinery outside of Lagos, he had to not only build roads, he also built a
01:01port and stabilized swamp land half the size of Manhattan. But replicating the formula for the
01:07Kenyan plant may prove to be a bit difficult. For starters, the project may face environmental
01:13challenges because the area is known for its marine life, mangroves, and also coral reefs. But back to
01:20the IPO, analysts say it's not just a capital markets event. The tycoon has billed the sale as
01:26an IPO for the people. It, of course, acts also as a strong vote of confidence in Nigeria and across
01:32Africa as investment destinations with local capital that can support world-class businesses at scale.
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