Aliko Dangote remains firmly positioned as Africa’s wealthiest individual, with an estimated net worth of $28.1 billion as of March 30, 2025, according to the latest data from Bloomberg Billionaires Index.
The Nigerian industrialist has held this position for the 14th consecutive year, maintaining his dominance through strategic investments in manufacturing, energy, and infrastructure.
Early Life and Background
Dangote was born on April 10, 1957, into a wealthy Hausa Muslim family in Kano, Nigeria. His great-grandfather, Alhassan Dantata, was regarded as the richest man in West Africa in the early 20th century, known for his dominance in the kola nut and groundnut trade.
Dangote lost his father at the age of eight and was raised by his maternal grandfather, Sanusi Dantata, a successful businessman involved in building materials.
His early exposure to commerce shaped his entrepreneurial ambitions. After completing his primary and secondary education in Kano, Dangote proceeded to Al-Azhar University in Cairo, Egypt, where he earned a degree in Business Studies.
Upon returning to Nigeria in 1977, Dangote received a loan of ₦500,000 (about $3,000 at the time) from his uncle to venture into commodity trading. This marked the beginning of a business empire that would later evolve into the Dangote Group.
Formation and Expansion of Dangote Group
Established in 1981, Dangote Group began as a trading firm importing rice, sugar, cement, and other essential commodities.
By the mid-1990s, Dangote strategically shifted focus from trading to manufacturing after studying Brazil’s industrialization model.
He realized that producing locally could better serve Nigeria’s growing population while reducing the country’s dependency on imports.
Between 1999 and 2003, Dangote aggressively invested in manufacturing facilities, establishing sugar refineries, salt processing plants, flour mills, pasta factories, and cement plants.
The company’s flagship investment was the commissioning of the Obajana Cement Plant in 2003, now the largest cement production facility in Sub-Saharan Africa.
Business Empire Overview
Dangote Group has since grown into a diversified conglomerate with operations across 17 African countries. Its core subsidiaries include:
1. Dangote Cement Plc
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Largest cement producer in Africa.
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Operations in 10 African countries.
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Production capacity of 48.6 million metric tons per annum.
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Dangote holds approximately 86% of the company’s shares.
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Dangote Cement alone accounts for a significant share of the market capitalization of the Nigerian Exchange.
2. Dangote Sugar Refinery Plc
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One of Nigeria’s largest sugar producers.
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Operates major sugar refineries in Lagos and other parts of Nigeria.
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Focused on Nigeria’s Backward Integration Programme (BIP) to drive local sugar production.
3. NASCON Allied Industries Plc
4. Dangote Fertilizer Limited
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One of the largest fertilizer plants in Africa.
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Annual capacity of 2.8 million metric tons of urea.
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Positioned to supply both domestic and international markets.
5. Dangote Oil Refinery
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Dangote’s most ambitious and capital-intensive project.
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Located at the Lekki Free Zone near Lagos.
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Valued at approximately $20 billion.
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Capacity to refine 650,000 barrels of crude oil per day, making it Africa’s largest oil refinery.
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Began operations in early 2024 after multiple years of construction.
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Aims to reduce Nigeria’s dependency on imported petroleum products and potentially shift Nigeria to a net exporter of refined products.
6. Other Interests
Dangote also holds stakes in:
Recent Developments (2024-2025)
Since the commissioning of the Dangote Refinery, the billionaire has seen a significant revaluation of his assets, contributing to the sharp increase in his net worth from approximately $15 billion in March 2024 to over $28 billion by March 2025.
The refinery has begun supplying petroleum products to the Nigerian market under a phased distribution arrangement. The project is expected to stabilize Nigeria’s fuel supply, reduce forex demand for imports, and contribute to controlling inflation in the medium term.
The Dangote Fertilizer plant has also expanded its export footprint, penetrating regional markets in West Africa and contributing to Nigeria’s non-oil export revenues.
Asset Holdings
Dangote’s fortune is largely private, with the bulk of his wealth concentrated in Dangote Industries Limited (DIL), the holding company for his businesses. Bloomberg data shows that he personally owns:
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92.3% of the Dangote Refinery.
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86% of Dangote Cement Plc.
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Controlling stakes in Dangote Sugar Refinery and NASCON.
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Fertilizer and agricultural businesses valued based on net present value calculations.
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Residential and commercial real estate assets in Lagos valued using the capitalization method.
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Significant cash reserves denominated in naira and U.S. dollars.
Philanthropy
Dangote is also notable for his philanthropic contributions through the Aliko Dangote Foundation (ADF). The foundation focuses on health, education, economic empowerment, and disaster relief. Key initiatives include:
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Fighting malnutrition and hunger in Northern Nigeria.
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Supporting disease eradication (notably polio and COVID-19 relief).
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Partnering with local and international organizations to improve healthcare infrastructure.
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Supporting education through scholarship programmes and infrastructure development.
In 2024, the Foundation expanded its food distribution programme in response to the rising cost of living, targeting vulnerable households in Northern Nigeria.
Personal Life
Dangote is a practicing Muslim and holds the title “Alhaji” after completing the Hajj pilgrimage. He divides his time between Nigeria and other global business destinations. He has been twice divorced and has children.
Despite his wealth, Dangote maintains a relatively private lifestyle. His key public appearances are typically linked to business conferences, policy advocacy, or philanthropic engagements.
Influence and Recognition
Dangote’s influence extends beyond Nigeria. He is regarded as one of Africa’s most impactful industrialists and a central figure in promoting private sector-led development on the continent. His role in shaping Nigeria’s manufacturing and industrial policies has been widely acknowledged.
He is a recipient of several national and international awards, including Nigeria’s second-highest honor, the Grand Commander of the Order of the Niger (GCON), and was listed by TIME Magazine among the world’s 100 most influential people in 2014.
Net Worth Progression (2010 – 2025)
| Year |
Estimated Net Worth (USD) |
| 2010 |
$2.5 billion |
| 2014 |
$25 billion |
| 2017 |
$12.2 billion |
| 2020 |
$10.1 billion |
| 2024 |
$15.3 billion |
| 2025 |
$28.1 billion |
Outlook
With the completion of the Dangote Refinery and continued expansion of his fertilizer operations, Dangote is expected to maintain a dominant position in Africa’s industrial landscape. Analysts expect the refinery’s full ramp-up to boost Nigeria’s external reserves and reduce its vulnerability to global supply shocks.
Additionally, Dangote’s businesses are poised to benefit from ongoing reforms aimed at revitalizing Nigeria’s power, infrastructure, and agricultural sectors.
