Nigerian billionaire Aliko Dangote has climbed to the 86th position on the Forbes global billionaire rankings, with his net worth rising to $23.9 billion. This marks a significant jump from his 144th position in 2024 when his fortune was estimated at $13.4 billion.
The surge in Dangote’s wealth is largely attributed to the operations of the Dangote Petroleum Refinery, which began production in Lagos last year.
The refinery, valued at $20 billion, has solidified his status as Africa’s wealthiest individual and placed him well ahead of South Africa’s Johann Rupert, who holds an estimated net worth of $14.4 billion, and Nigeria’s Mike Adenuga, with $6.8 billion.
Forbes noted that Dangote’s wealth is primarily tied to his 92.3% ownership stake in the refinery. His recent ranking makes him one of the top 100 richest individuals in the world for the first time since 2018.
The 67-year-old business mogul has played a key role in reshaping Africa’s oil and gas industry. His refinery, with a processing capacity of 650,000 barrels per day, is the largest in Africa and the seventh largest globally.
It also includes a petrochemical complex that produces three million metric tonnes of urea annually, making it the biggest fertilizer producer on the continent.
