Dangote’s Fortune Skyrockets: Billionaire’s Wealth Nearly Doubles To $23.9bn – Forbes

Nigerian business magnate Aliko Dangote has seen his net worth nearly double, soaring to an impressive $23.9 billion, according to Forbes.

This remarkable growth cements Dangote’s status as the richest person in Africa and the 86th wealthiest individual globally.

Just last year, Forbes ranked him 144th worldwide, with a net worth of $13.4 billion. The dramatic increase is largely linked to his 92.3% stake in the Dangote Petroleum Refinery & Petrochemicals.

At 67, Dangote has re-entered the top 100 on the Forbes Real-Time Billionaires List for the first time since 2018. His closest African competitor, South Africa’s Johann Rupert, ranks 161st with an estimated $14.4 billion, while fellow Nigerian billionaire Mike Adenuga is 481st with $6.8 billion.

The surge in Dangote’s fortune is driven by the operational launch of his $23 billion petroleum refinery—the largest in Africa and among the largest in the world. Situated on 6,200 acres in the Lekki Free Zone, Lagos, the refinery can process up to 650,000 barrels of crude oil per day, ranking it seventh globally. It also includes a petrochemical complex producing 3 million metric tons of urea annually, making it Africa’s largest fertilizer producer.

Dangote emphasized that the refinery is part of his ambitious vision to industrialize Africa. “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he told Forbes.

Reflecting on the decade-long project, he added, “It was the biggest risk of my life. If this didn’t work, I was dead.”