Nigerian billionaire industrialist, Aliko Dangote, has seen his net worth soar by nearly 100% to $23.9 billion, according to Forbes.
The surge cements Dangote’s position as Africa’s richest man and places him 86th on the global wealth ranking.
Just a year ago, Dangote was ranked 144th with an estimated fortune of $13.4 billion. The remarkable leap is credited to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals.
At 67 years old, Dangote re-enters Forbes’ Top 100 billionaires list for the first time since 2018.
His closest African rival, South Africa’s Johann Rupert, sits at 161st with $14.4 billion, while fellow Nigerian magnate Mike Adenuga ranks 481st at $6.8 billion.
Dangote’s fortune is largely fueled by the operational launch of his $23 billion refinery in the Lekki Free Zone, Lagos—Africa’s largest and one of the biggest worldwide. The 6,200-acre facility has the capacity to process 650,000 barrels of crude daily, ranking seventh globally. Alongside, its petrochemical arm produces 3 million metric tons of urea annually, making it the continent’s top fertilizer hub.
Speaking on the milestone, Dangote said the refinery reflects his lifelong vision 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.
Looking back at the decade-long journey, he added:
“It was the biggest risk of my life. If this didn’t work, I was dead.”
