By Anastasia John E.
Billionaire Aliko Dangote has experienced a remarkable surge in wealth, with his net worth soaring to $23.9 billion, according to Forbes. This achievement secures his position as the richest person in Africa and the 86th richest globally.
In 2024, Forbes had previously ranked Dangote as the 144th richest individual in the world, with a net worth of $13.4 billion.
Forbes attributes Dangote’s substantial wealth primarily to his 92.3% ownership stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, he has re-entered the top 100 richest individuals worldwide—a status he has not held since 2018, as per the Forbes Real-Time Billionaires List.
Dangote’s wealth places him well ahead of South African businessman Johann Rupert, who ranks 161st globally with an estimated net worth of $14.4 billion, and significantly above Nigeria’s second richest individual, Mike Adenuga, who is 481st in the world with a net worth of $6.8 billion.
He has made waves in the oil industry by breaking the government’s oil monopoly with the construction of Africa’s largest petroleum refinery. After 11 years of investment totaling $23 billion and overcoming numerous challenges, the Dangote Refinery commenced operations last year.
Situated on a sprawling 6,200-acre site in the Lekki Free Zone, the refinery is designed to process an impressive 650,000 barrels per day at full capacity, making it the seventh-largest refinery in the world and the largest in Africa. Additionally, the adjacent petrochemical complex boasts an annual production capacity of 3 million metric tons of urea, establishing it as Africa’s leading fertilizer producer.
