Dangote Gains Massive Wealth in 24 Hours after Releasing Petrol to NNPC
- Aliko Dangote, has seen a sharp rise in fortune to stay ahead of competitors Johann Ruppert of South Africa
- The Nigerian businessman is ranked 163rd on the global Blooibillionaire list by the index as the richest African
- Similarly, Forbes projected Dangote's current net worth to be $11.7 billion by September 16, 2024
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Nigerian billionaire, Aliko Dangote, has seen his wealth increase massively to stay ahead of South Africa’s Johann Ruppert, a close counterpart.
Source: UGC
The Nigerian industrialist gained $75.1 million, according to the Bloomberg Billionaire Index, as his total net worth closed at $13.1 billion as of 16 September 2024. The index ranked the Nigeran businessman at 163 on the global billionaire list, with his close counterpart Ruppert at 166th position.
However, on a year-to-date basis, the tracker shows that Dangote lost $1.94 billion in 2024 as the billionaire continued to be impacted by the naira crisis amid economic turbulence. The currency fluctuation has impacted businesses operating in the country and caused manufacturers to suffer significant losses.
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Legit.ng earlier reported that eight manufacturers, including Dangote, BUA, and Lafarge, experienced foreign exchange-related losses of N627.7 billion in the first quarter of this year based on the examination of the companies' financial accounts made available on the Nigerian Exchange Limited.
Similar to the Bloomberg report, Forbes also estimated that Dangote’s real time networth at $11.7 billion as of 16 September 2024.
The increase in wealth comes after the billionaire’s refinery embarked on its first petrol distribution on Sunday, September 15, 2024, to exclusively supply Premium Motor Spirit (PMS) to the Nigerian National Petroleum Company Limited (NNPCL).
This significant move marks a milestone in Nigeria's energy sector, which has grappled with petrol issues for decades, as none of its state-owned refineries are currently operational.
Since the removal of the fuel subsidy in May 2023, petrol prices have surged threefold, exacerbating difficulties for those who depend on petrol for their vehicles and generators amid a persistently unreliable electricity supply.
On Saturday, September 14, the NNPC announced the deployment of over 100 truck fleets to the Dangote Refinery ahead of petrol loading.
Aliko Dangote reclaims top spot as Africa's richest man
Legit.ng reported that Aliko Dangote, the chairman of the Dangote Group, had reclaimed his title as Africa’s richest man, overtaking South African billionaire Johan Rupert.
According to the latest data from Bloomberg, Dangote’s wealth stood at $13.2 billion, just ahead of Rupert’s net worth, which had declined to $13.1 billion.
The change restored Dangote to the top of Africa's wealthiest list after losing it to Rupert in August 2024. The Bloomberg Billionaires Index ranked Dangote as the 159th richest person in the world, four places ahead of Rupert, who was positioned at 163rd.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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