Africa’s richest man and President of the Dangote Group, Aliko Dangote, has seen his net worth surge to $30.2 billion, according to the latest data from the Bloomberg Billionaires Index.
The new valuation places Dangote as the 75th richest individual in the world, reaffirming his status as a dominant force in global business and Africa’s industrial transformation.
The billionaire industrialist’s wealth is anchored by his controlling stake in Dangote Cement Plc, the largest cement producer in sub-Saharan Africa and a major player on the Nigerian Exchange Limited (NGX).
However, the latest jump in Dangote’s fortune is largely driven by his flagship project, the Dangote Oil Refinery, valued at $20 billion. The massive Ibeju-Lekki-based facility, which was officially commissioned on May 22, 2023, is Africa’s biggest oil refining complex and a cornerstone of Nigeria’s drive toward energy independence.
Dangote holds a 92.3 percent ownership in the refinery, while the Nigerian National Petroleum Company Limited (NNPCL) retains a 7.3 percent stake.
Analysts attribute the refinery’s growing market valuation and strategic impact on Nigeria’s petroleum sector as key drivers of Dangote’s rising fortune, underscoring his pivotal role in shaping Africa’s industrial landscape.
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