In a remarkable leap, Alhaji Aliko Dangote, President of the Dangote Group, has secured his spot as the 86th wealthiest person in the world, with his fortune climbing to an impressive $23.9 billion.
This milestone comes just a year after the inauguration of his groundbreaking Dangote Petroleum Refinery in Lagos, a project that has been pivotal in reshaping Africa’s industrial landscape.
Forbes, in its latest update, ranked Dangote as the wealthiest African entrepreneur, with his net worth soaring from $13.4 billion in 2024 to $23.9 billion, catapulting him from 144th to 86th place on the global billionaire list.
The majority of this newfound wealth is attributed to Dangote’s dominant 92.3% stake in his refinery, a project that has redefined Nigeria’s energy sector.
At 67, Dangote has re-entered the top 100 richest individuals globally, a position he hasn’t held since 2018, according to Forbes Real-Time Billionaires List.
His success places him ahead of notable figures such as South Africa’s Johann Rupert, who holds the 161st position with $14.4 billion, and Nigeria’s Mike Adenuga, who ranks 481st globally with a fortune of $6.8 billion.
Dangote’s audacious refinery venture has shattered the long-standing oil monopoly in Nigeria, creating Africa’s largest and the world’s seventh-largest refinery.
With a daily refining capacity of 650,000 barrels, the Dangote Refinery is also home to the continent’s largest petrochemical complex, producing 3 million metric tonnes of urea annually.
This monumental project is not only reshaping Nigeria’s energy sector but also making waves on the global stage.
The refinery is expected to significantly reduce Nigeria’s oil imports, potentially driving imports to an eight-year low, and posing a challenge to European refiners that have traditionally dominated the Nigerian market.
In an exclusive interview with Forbes, Dangote shared his vision for Africa, emphasizing the need for self-reliance and industrialization.
“We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he said.
Reflecting on the risks associated with the refinery, Dangote revealed that the project represented the biggest gamble of his career. “It was the biggest risk of my life. If this didn’t work, I was dead,” he confessed.
Dangote’s success has not gone unnoticed in Nigeria, where he is seen as a national hero and a driving force for industrial transformation.
Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, echoed this sentiment, describing Dangote as a “real industrialist” whose contributions are reshaping Nigeria’s future.
