Aliko Dangote Becomes 86th Richest in the World as Fortune Nearly Doubles to $23.9 Billion

Nigerian billionaire Aliko Dangote has seen his net worth surge to $23.9 billion, almost doubling in value, according to Forbes. This significant financial leap positions him as Africa’s wealthiest individual and the 86th richest person globally. In 2024, Forbes had ranked Dangote 144th in the world with an estimated fortune of $13.4 billion.

Forbes attributes the sharp rise in Dangote’s wealth to his 92.3 percent ownership stake in Dangote Petroleum Refinery & Petrochemicals. At 67, Dangote has returned to the ranks of the world’s top 100 billionaires for the first time since 2018, as per the Forbes Real-Time Billionaires List.

His fortune places him well ahead of South African businessman Johann Rupert, who holds the 161st spot globally with an estimated net worth of $14.4 billion. Meanwhile, Nigeria’s second-richest individual, Mike Adenuga, ranks 481st worldwide with $6.8 billion.

Dangote made history by breaking Nigeria’s reliance on imported petroleum through the construction of Africa’s largest oil refinery. The project, which took 11 years and required a $23 billion investment, overcame significant obstacles before commencing operations last year. Situated on a sprawling 6,200-acre site in the Lekki Free Zone, the refinery has a processing capacity of 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and Africa’s largest. Additionally, the adjoining petrochemical complex produces three million metric tons of urea annually, securing its place as the continent’s largest fertilizer producer.

The refinery’s impact is already being felt on the global energy market. Nigerian petroleum imports are on course to hit an eight-year low, affecting European refiners that previously dominated the country’s supply chain, according to energy intelligence firm Vortexa. Meanwhile, Nigeria has transitioned into a net exporter of jet fuel, naphtha, and fuel oil, according to S&P Global.

Dangote envisions his refinery as a transformative force, positioning Nigeria—one of the world’s largest crude oil producers—as a leading player in refined petroleum products. His long-term goal is to reduce Nigeria’s dependence on foreign refineries while supplying gasoline to local consumers.

“I want to provide a blueprint for industrialisation across Africa,” Dangote told Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.” He argues that Africa has historically 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 acknowledges the high stakes involved in the project, calling it the most significant gamble of his career.

“It was the biggest risk of my life,” he said. “If this didn’t work, I was dead.”

Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, noted that Dangote is widely admired in Nigeria for his contributions to industrial development.

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

Chika Ezeanya, a professor of African studies at Soka University of America, echoed this sentiment, emphasizing Dangote’s deep understanding of consumer needs on the continent.

“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” Ezeanya said. “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”