Dangote’s wealth rises to $24bn after refinery’s operations

The President of the Dangote Group, Alhaji Aliko Dangote is now the 86th richest man in the world as his wealth rose to $23.9bn.

This is coming a year after the $20bn Dangote Petroleum Refinery commenced operations in Lagos.

According to Forbes on Tuesday, which ranks the Nigerian entrepreneur as the wealthiest person in Africa, Dangote rose from 144th position in 2024 to become the 86th richest man in the world as his wealth increased from $13.4bn to $23.9bn.

Forbes estimated Dangote’s net worth at $23.9bn, primarily due to his 92.3 per cent stake in the Dangote refinery.

The 67-year-old businessman is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.

This places him significantly ahead of South Africa’s Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4bn, and Nigeria’s Mike Adenuga, who is the second richest in Nigeria and 481 in the world, with a net worth of $6.8bn.

Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa, facing serious challenges from those he called the oil mafia.

The 650,000-capacity Dangote refinery is the seventh-largest refinery in the world and the largest in Africa. Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tonnes of urea, making it Africa’s largest fertiliser producer.

The refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria.

“I want to provide a blueprint for industrialisation across Africa. We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment,” he told Forbes in an interview.

Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly. “It was the biggest risk of my life. If this didn’t work, I was dead,” he added.

The Director of the Africa Programme at the Carnegie Endowment for International Peace, Zainab Usman, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.

“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.