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Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide

Published

2 years ago

October 18, 2024

Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide

President of Dangote Group, Aliko Dangote remains the richest man in Africa, and now the 65th richest man in the World, despite the volatility of the Nigerian currency against the dollar.

Bloomberg, in its latest top 500 Billionaires Index released on Thursday, revealed that Dangote with a wealth of $28 billion had his wealth increased significantly after the commencement of operations of his newly built Petrochemical refinery, said to be worth over $20 billion. This new ranking is the highest the renowned entrepreneur has risen. He was previously ranked 83^rd in 2022.

The Dangote Refinery located in Ibeju-Lekki, in the outskirts of Lagos, is the biggest single-train oil refinery in the world and one of the most complex, capable of processing most global crude types. It has the potential to transform Nigeria’s economy by making the country self-reliant for fuel. The refinery started producing premium motor spirit (petrol) in September among other products like diesel and Jet-A1, and it has more than doubled his net worth to $27.8 billion, according to the Bloomberg Billionaires Index.

No African is close to Dangote’s latest ranking as Johann Rupert, of South Africa is 174 on the world list, with a wealth of $13.6bn and Nicky Oppenheimer also of South Africa is number 224 on the world list with a wealth of $11.6bn. Other Africans on the list are: South African’s Natie Karsh, number 297 in the world with a wealth of $9.25bn, Egypt’s Nassef Sawiris on number 302 in the world with a wealth of $9.16bn, and Naguib Sawiris also of Egypt with a wealth of $7.37bn on number 407 in the world.

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The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, and each individual billionaire profile contains a detailed analysis of how that person’s fortune is tallied.

The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.

Ellon Musk and Jeff Bezos are the richest in the world with $242billion and $210 billion respectively in their kitties, while Mark Zuckerberg and Larry Ellison followed respectively with $204 billion and $185 billion on the world’s billionaires’ chart.

It would be recalled that Aliko Dangote was also recently named as among the topmost charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom. This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF) to the tune of over $1.25 billion.

Aliko Dangote started his Foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

Aliko Dangote Foundation was however incorporated in 1994 as a charity in Lagos, Nigeria. 20 years later, the Foundation has become the largest private Foundation in sub–Saharan Africa, with the largest endowment by a single African donor. The primary focus of Aliko Dangote Foundation is health and nutrition, supported by wrap-around interventions in education, empowerment, and humanitarian relief.

Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide

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Court Denies Bail To Anambra Pastor Accused Of Marrying Mother, Daughter

Published

2 hours ago

October 6, 2026

Trends Admin

Court Denies Bail To Anambra Pastor Accused Of Marrying Mother, Daughter

The Anambra State High Court sitting in Awka has denied bail to Harrison Anazodo, a pastor and spiritualist facing a seven-count charge over alleged abduction, forced marriage and other offences.

Justice Jude Obiora rejected the bail application as proceedings continued in the case involving the General Overseer of Day Spring Assembly.

Anazodo had sought bail through his lawyer, W. Abonye, who reportedly cited health concerns in asking the court to release his client.

However, the prosecution, led by Chief State Counsel Chineze Ekwerekwu, opposed the application.

The prosecution filed a 20-paragraph counter-affidavit and two exhibits in opposition to the bail request and told the court that the state was ready to proceed with the trial.

The allegations against Anazodo include claims that he abducted a woman and her daughter and allegedly subjected them to forced marriage. He is also accused of taking several women as wives and engaging in conduct allegedly prohibited under the Anambra State Homeland Security Law, 2025.

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Anazodo has pleaded not guilty to the charges, and the allegations against him have not been established by the court.

The case attracted public attention following his arrest by officials of the Anambra State Government in June. Reports surrounding the arrest also alleged that about 11 babies were found at his residence.

The prosecution is expected to call witnesses as the trial progresses, with the state indicating its readiness to present its case.

The court subsequently adjourned the matter until October 16, 2026, for further proceedings.

There was also a confrontation involving some of the defendant’s supporters and journalists at the court premises. Reports said some journalists were allegedly prevented from recording the defendant’s arrival, with claims that phones and cameras belonging to some members of the media were damaged.

The incident was reportedly brought to the attention of the court by Anambra State Attorney-General and Commissioner for Justice, Tobechukwu Nweke, SAN. Defence counsel subsequently apologised over the incident, while the court directed that damaged equipment be replaced.

With the bail application rejected, Anazodo will remain in custody as the criminal trial continues.

Court Denies Bail To Anambra Pastor Accused Of Marrying Mother, Daughter

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Missing Robbery Suspect: Anambra CP Queries DPO, Orders Probe

Published

8 hours ago

October 6, 2026

Trends Admin

Anambra State Commissioner of Police, CP Nnanna Oji Ama

Missing Robbery Suspect: Anambra CP Queries DPO, Orders Probe

The Anambra State Commissioner of Police, CP Nnanna Oji Ama, has ordered queries for the Divisional Police Officer (DPO) of 3-3 Police Station, Onitsha, and a Deputy Superintendent of Police (DSP) following allegations that an armed robbery suspect arrested and taken to the station could no longer be accounted for.

The commissioner also directed the immediate commencement of disciplinary proceedings against an Inspector of Police linked to the matter.

The action followed the circulation of a viral video alleging that the suspect, who had reportedly been arrested and brought to the police station, subsequently disappeared from custody.

Ama personally interviewed the complainant and officers connected to the incident before issuing the directives.

The commissioner described the allegation as serious, stressing that conduct capable of undermining public confidence in the Nigeria Police Force would not be tolerated.

He said the command would take firm action against unprofessional conduct, dereliction of duty, abuse of office and violations of established police procedures.

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Following the interviews, Ama ordered the command’s X-Squad to conduct a comprehensive investigation into the circumstances surrounding the suspect’s arrest, detention and documentation, as well as what happened after the suspect was taken into custody.

The investigation will also establish the roles played by the officers involved and determine whether any police personnel breached established procedures.

The commissioner further said operational measures had been put in place to facilitate the rearrest of the suspect, although the police have not publicly disclosed his current whereabouts.

Ama assured the public that the findings of the investigation would be communicated once the facts had been established.

He also warned against the circulation of unverified information that could prejudice the investigation, stressing the need for the matter to be handled based on established facts.

The commissioner reiterated his commitment to police accountability and professional conduct, saying officers entrusted with protecting members of the public must also be subject to scrutiny when allegations of misconduct arise.

The development has drawn attention to the procedures governing the arrest, detention and documentation of suspects in police custody, particularly the responsibility of officers to maintain accurate records and ensure that detainees remain properly accounted for.

For now, the exact circumstances surrounding the suspect’s alleged disappearance remain unclear. The ongoing X-Squad investigation is expected to determine how the suspect allegedly went missing and whether any police officer bears responsibility.

Missing Robbery Suspect: Anambra CP Queries DPO, Orders Probe

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Four NAF Engineers Died Days Before Foreign Course Deployment — Sources

Published

8 hours ago

October 6, 2026

Trends Admin

Four NAF Engineers Died Days Before Foreign Course Deployment — Sources

Four Nigerian Air Force (NAF) engineers killed in the Ondo aircraft crash had reportedly travelled to Abuja for documentation ahead of specialised foreign training courses.

The personnel were identified as Master Warrant Officer Matini BA, Flight Sergeant Mohammed AI, Sergeant Izibenikien SI and Sergeant Alafuka C.

According to information surrounding the tragedy, the four engineers had travelled to Abuja as part of preparations for their deployment abroad for professional courses. Their deaths came just days before they were expected to begin the specialised training.

The four were among the 25 people on board the NAF 931 ATR-42 aircraft that crashed in the Igbokoda area of Ilaje Local Government Area of Ondo State. The victims comprised five crew members and 20 passengers.

The aircraft was reportedly on a routine mission when it crashed in the riverine area of Ondo State. Search-and-rescue operations were immediately launched, but the Nigerian Air Force later confirmed that there were no survivors.

The tragedy claimed the lives of several military personnel, including Squadron Leader AP Man-Ugwueje, who was among the aircraft’s crew.

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Reports following the crash said Man-Ugwueje had recently been promoted and had married about two weeks before the tragedy.

Another victim, Flying Officer IM Adeshina, was also reportedly a relatively recent addition to the NAF and was said to have distinguished himself during his training.

The deaths have sent shockwaves through the Nigerian military, particularly because some of the personnel were reportedly preparing for further professional development when the tragedy occurred.

The Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, has ordered a comprehensive investigation into the circumstances surrounding the crash.

The Nigerian Air Force has also appealed to the public to avoid speculation and the circulation of unverified information while the investigation continues.

For the four engineers, what was expected to be the beginning of an important phase in their military careers ended in tragedy, with their planned foreign training cut short by the fatal aircraft crash.