Aliko Dangote, Chairman of the Dangote Group, has solidified his position as the richest person in Africa, ranking 86th globally with a net worth of $23.9 billion, according to Forbes.
This represents a significant increase from his previous valuation of $13.4 billion in 2024, when he was ranked 144th.
Dangote’s wealth is primarily attributed to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals, which has enabled him to re-enter the top 100 richest individuals globally, a position he last held in 2018.
This growth in net worth has further widened the wealth gap between Dangote and other African billionaires. South African billionaire Johann Rupert ranks 161st with $14.4 billion, while Nigeria’s second-richest person, Mike Adenuga, ranks 481st with $6.8 billion.
The Dangote Refinery significantly disrupted Nigeria’s oil import monopoly and positioned the country as a net exporter of jet fuel, naphtha, and fuel oil, according to S&P Global.
With a processing capacity of 650,000 barrels per day, the refinery is the largest in Africa and the world’s seventh-largest.
After 11 years and a $23 billion investment, the facility began operations last year in the Lekki Free Zone.
Spanning 6,200 acres, the refinery has already made Nigeria a key player in global energy markets.
Petroleum imports into Nigeria have reached an eight-year low, impacting European refiners who previously dominated the market.
Dangote’s refinery has also led to the country becoming a net exporter of jet fuel, naphtha, and fuel oil.
The adjacent petrochemical complex produces 3 million metric tons of urea annually, making it Africa’s largest fertilizer producer.
Dangote sees the refinery as part of a broader vision to transform Nigeria into a leading producer of refined petroleum products, enabling competition with European refineries and ensuring local fuel supply.
“I want to provide a blueprint for industrialization across Africa. We have to build our nation by ourselves.
“We have to build our continent by ourselves, not rely on foreign investment,” Dangote told Forbes.
Calling the refinery project the biggest risk of his life, he admitted that failure would have devastated him. “If this didn’t work, I was dead,” he said.
