Headline
Refinery project propels Aliko Dangote to new height in Forbes billionaires ranking
…grows wealth by 100% from $13.4bn in 2024 to $23.9bn
Africa’s richest man and President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote, has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian-born entrepreneur as the wealthiest person in Africa and 86th in the world.
Forbes had ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion.
However, in its latest ranking, Forbes estimates Dangote’s net worth at $23.9 billion. This meteoric rise owes much to his 92.3 per cent stake in Dangote Petroleum Refinery, Ibeju-Lekki, Lagos.
At 67 years old, Dangote 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 African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.
Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa.
After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year.
Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it 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 tons of urea, making it Africa’s largest fertiliser producer.
The Dangote Refinery is already having a significant impact on global energy markets.
For instance, imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa.
Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.
Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.
“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”, Dangote says in an interview with Forbes.
He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population”.
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”, Dangote said about his decision to embark on the project.