Ighalo scored from the spot, as the Super Eagles beat Tunisia 1-0, in their Third Place clash on Wednesday.
The Shanghai Shenhua striker is now ahead of three players, who are tied on three goals each: Sadio Mane (Senegal), Riyad Mehrez and Adam Ounas (Algeria).
However, only three are still in the race to win the Golden Boot, as other top scorers' countries, have been eliminated in the Quarter finals and Semi-finals of the tournament respectively.
Senegal take on Algeria the final on Friday where the likes of Mane and Mehrez will need three or more goals to clinch the Golden Boot award.
Here are the latest AFCON 2019 top scorers:
5 goals: Ighalo (NGR)
3 goals: Mane (SEN), Bakambu (COD), Ounas (ALG), Mahrez (ALG)