Dangote’s Net Worth Surges by Almost 100% after Refinery Completion as He Gets New Global Ranking
- Aliko Dangote, Nigeria’s and Africa’s richest man, has climbed many steps up the global billionaire ladder after completing his refinery
- Dangote’s net worth has almost doubled to $23.9 billion, placing him as the 86th richest person in the world
- The new ranking also makes him Nigeria and Africa’s wealthiest ahead of Johann Rupert and Mike Adenuga
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria and Africa’s wealthiest man, Aliko Dangote’s net worth has almost doubled to $23.9 billion.
This is according to recent data by Forbes, which ranked the Nigerian billionaire as Africa’s richest man and 86th wealthiest person in the world.
Source: Getty Images
Dangote climbs the global billionaire ladder
In 2024, Forbes ranked Dangote as the 144th richest man in the world with 13.4 billion.
According to Forbes estimates, Dangote’s net worth now stands at $23.9 billion due to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals.
The 67-year-old Kano-born billionaire has reclaimed his position among the top 100 wealthiest persons globally, a position he has occupied since 2018.
Dangote is now Africa’s wealthiest man
The new ranking places him above his closest rival in Africa, Johann Rupert, who is ranked 161st person in the world, with a net worth of $14.4 billion and far ahead of fellow Nigerian, Mike Adenuga, Nigeria’s second richest man and 481st richest globally, with a net worth of $6.8 billion.
Dangote upstaged the government’s monopoly in the oil sector by building Africa’s biggest refinery.
The $23 billion investment began operations in 2024, further disrupting Africa and global energy markets.
The refinery management has disclosed that the facility will hit 650,000bpd installed capacity at the end of February.
Dangote refinery to achieve full refining capacity
The vice president of Oil and Gas at Dangote Industries, Edwin Devakumar, revealed recently that the refinery currently operates at 85% capacity.
Dangote called the $23 billion refinery the biggest risk of his life. He disclosed this on Monday, February 17, 2025, acknowledging the huge challenges and uncertainties he faced while building the mega facility.
The refinery is touted as one of the biggest private investments in Africa.
“It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote said in an exclusive interview with Forbes.
The refinery recently began producing Euro-5 standard diesel, hoping to conquer the European markets as it embarks on massive exports.
Aliko Dangote begins another $400m project
Legit.ng earlier reported that Africa’s richest man, Aliko Dangote, has announced a $400 million expansion of the Mugher cement plant in Ethiopia, doubling its annual production capacity to 5 million tons.
The investment comes shortly after the completion of his multibillion-dollar refinery project in Nigeria.
Bloomberg reports that the Mugher plant, which began operations in 2015 with an initial capacity of 2.5 million tons per year, has faced challenges, including regional unrest that led to attacks on company property.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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