Dangote hits $30bn net worth, becomes only African in global top 100 billionaires

Dangote hits $30bn net worth, becomes only African in global top 100 billionaires

Africa’s richest man and President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote, has crossed a new financial threshold, with his net worth soaring to $30.3 billion as of October 24, according to the Bloomberg Billionaires Index.

The $2.25 billion surge in his fortune catapulted the Nigerian industrialist to the 75th position on the global billionaires’ list, making him the only African among the world’s top 100 wealthiest individuals.

The milestone comes on the heels of a series of strategic expansions by the Dangote Group, including the recent launch of a massive cement plant in Attingué, Côte d’Ivoire. The facility, which spans 50 hectares, boasts a production capacity of 3 million tonnes annually, making it one of the conglomerate’s largest operations outside Nigeria.

Back home, Dangote’s multibillion-dollar oil refinery in Ibeju-Lekki, Lagos, continues to reshape Nigeria’s energy landscape. Commissioned in May 2023, the 650,000 barrel-per-day (bpd) refinery began diesel production in January 2024, with petrol output commencing in September after overcoming crude supply bottlenecks.

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Speaking on October 22, Dangote revealed plans to list the refinery on the Nigerian Exchange (NGX), with a proposed sale of 5 to 10 percent equity within the next year. He noted that the move aligns with the group’s strategy, previously adopted for Dangote Cement and Dangote Sugar Refinery.

He also hinted at the possibility of the Nigerian National Petroleum Company (NNPC) Limited increasing its stake in the refinery—currently at 7.2 percent—once the next phase of the project is fully operational.

In a bold move to scale operations, the refinery has announced plans to ramp up output to 1.4 million bpd, a figure that would eclipse the current world leader, India’s Jamnagar refinery, which produces 1.36 million bpd.

However, the refinery’s aggressive expansion has stirred unease within Nigeria’s downstream sector. In June, Dangote launched a nationwide fuel distribution initiative, backed by the acquisition of 4,000 compressed natural gas (CNG)-powered tankers.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) raised concerns over the development, warning that the refinery’s forward integration strategy could edge out smaller players and potentially trigger widespread job losses.

Despite the pushback, Dangote’s industrial juggernaut shows no signs of slowing down, as the billionaire continues to consolidate his dominance across Africa’s manufacturing and energy sectors.

Dangote hits $30bn net worth, becomes only African in global top 100 billionaires