Forbes: Aliko Dangote’s Wealth Surges By Almost 100% To $23.9bn, Now 86th Richest In The World

Nigerian business magnate Aliko Dangote’s net worth has nearly doubled, soaring to an impressive $23.9 billion, according to Forbes.

This surge establishes the Nigerian industrialist as Africa’s wealthiest individual and the 86th richest person globally.

In the previous year, Forbes placed Dangote at 144th worldwide with a net worth of $13.4 billion. The significant increase in his wealth is primarily due to his 92.3% ownership in the Dangote Petroleum Refinery & Petrochemicals.

At age 67, Dangote has reclaimed a spot in the top 100 for the first time since 2018, as reported by the Forbes Real-Time Billionaires List.

His closest African competitor, South Africa’s Johann Rupert, is ranked 161st with an estimated $14.4 billion, while another Nigerian magnate, Mike Adenuga, is 481st with $6.8 billion.

The boost in Dangote’s fortune is fueled by the operational start of his monumental $23 billion petroleum refinery—Africa’s largest and among the world’s biggest. Located on 6,200 acres in Lagos’s Lekki Free Zone, the facility can refine up to 650,000 barrels of crude oil daily, ranking seventh globally. It also includes a petrochemical complex that produces 3 million metric tons of urea annually, positioning it as Africa’s top fertilizer producer.

Dangote stated that the refinery aligns with his ambitious goal to industrialize Africa. “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he told Forbes.

Reflecting on the decade-long endeavor, he said: “It was the biggest risk of my life. If this didn’t work, I was dead.”

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli