Billionaire industrialist Aliko Dangote has seen his net worth nearly double to $23.9 billion following the completion of his refinery, according to Forbes’ latest assessment.
The sharp rise in his fortune places him among the top 100 richest individuals worldwide for the first time since 2018.
Dangote, who was previously ranked as the 144th richest person in the world with a net worth of $13.4 billion earlier in 2024, has benefited from his majority stake in Dangote Petroleum Refinery & Petrochemicals.
Forbes attributes his soaring wealth to his 92.3 percent ownership of the refinery, which has reshaped Nigeria’s energy landscape.
Aliko Dangote is currently ranked the 86th richest man globally.
South African luxury goods magnate Johann Rupert, who is currently ranked 161st globally, has an estimated net worth of $14.4 billion while Nigeria’s Mike Adenuga, the country’s second-richest individual, sits at $6.8 billion and ranked 481st in the world.
The Dangote Refinery, a $23 billion project that took 11 years to complete, has been instrumental in the billionaire’s rising fortune.
By disrupting Nigeria’s long-standing oil import dependency, the refinery has positioned Dangote at the center of Africa’s energy sector.
Situated on a 6,200-acre site in the Lekki Free Zone, the facility is the largest refinery in Africa and ranks as the seventh-largest in the world.
With an operational capacity of 650,000 barrels per day (b/d), the refinery aims to meet both domestic and export demands.
Also, the adjacent petrochemical complex, which produces 3 million metric tons of urea annually, has established Dangote as Africa’s largest fertiliser producer.
The billionaire’s expanding wealth underscores the impact of his industrial empire, which continues to drive economic transformation in Nigeria and beyond.
His latest rise in global rankings reinforces his influence not only as Africa’s most powerful businessman but also as a key figure in the global energy and manufacturing sectors.
