Nigerian business magnate Aliko Dangote has nearly doubled his net worth to $23.9 billion, according to Forbes, cementing his status as Africa’s richest individual and the 86th wealthiest person in the world.
Just a year ago, Dangote was ranked 144th globally with an estimated fortune of $13.4 billion. The dramatic increase in his wealth is largely tied to his 92.3% ownership in the Dangote Petroleum Refinery & Petrochemicals, a game-changing project that has now come online.
At 67, Dangote has re-entered the top 100 of Forbes’ Real-Time Billionaires List for the first time since 2018. His closest African peer, South Africa’s Johann Rupert, holds the 161st position with a net worth of $14.4 billion. Another Nigerian billionaire, Mike Adenuga, ranks 481st with $6.8 billion.
Dangote’s surge in wealth is powered by the official launch of his $23 billion petroleum refinery — the largest in Africa and among the largest worldwide. Located on 6,200 acres in the Lekki Free Zone of Lagos, the refinery can process up to 650,000 barrels of crude oil daily, making it the seventh-largest globally. It also includes a massive petrochemical complex capable of producing 3 million metric tons of urea annually, making it Africa’s top fertilizer producer.
Speaking to Forbes, Dangote described the refinery as part of his broader mission to drive industrialization across the continent. “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he said.
Reflecting on the decade-long journey, he admitted: “It was the biggest risk of my life. If this didn’t work, I was dead.”
