By Ayooluwa Ayobami
Aliko Dangote, president of Dangote Industries Limited (DIL), has seen his wealth soar to a record $27.8 billion, doubling thanks to the launch of his multibillion-dollar oil refinery.
As reported by the Bloomberg Billionaires Index, Dangote’s net worth surged by $15.1 billion as of October 18, elevating him to 65th place and making him the only African in the top 100.
This remarkable increase has catapulted him more than 40 spots from his previous rank of 111 on June 30, 2023. His refinery, inaugurated in May 2023, boasts a production capacity of 650,000 barrels per day and spans 2,635 hectares in the free zone of Ibeju-Lekki, Lagos.
Although the facility began producing diesel on January 12, petrol production was delayed until September 3 due to various challenges, including difficulties sourcing crude oil.
To address a shortage from local international oil companies (IOCs), Dangote’s company imported crude from Brazil and the U.S. In June, Dangote highlighted issues with IOC crude supplies, but following President Bola Tinubu’s intervention, the federal executive council approved crude sales to the refinery and others in naira on July 29.
As of October 5, the Nigerian government officially initiated the sale of crude oil and refined products in naira, with both the refinery and the national oil firm joining in the naira trade.
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