Aliko Dangote, the leader of Dangote Industries Limited, has seen his wealth double to $27.8 billion.
This increase happened after his large oil refinery started working.
According to Bloomberg’s Billionaires Index, Dangote’s wealth jumped by $15.1 billion, reaching $27.8 billion as of October 18.
This rise puts Dangote in 65th place among the richest people in the world, making him the only African in the top 100 list.
Dangote’s new position puts him over 100 spots ahead of Johann Rupert, a billionaire from South Africa, who is in 174th place.
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His wealth increase also moved him up over 40 places from his 111th position in June 2023.
This growth came more than a year after his refinery was launched in May 2023. The refinery, which can process 650,000 barrels of oil per day, is located in Ibeju-Lekki, Lagos.
The plant started producing diesel in January 2024, but petrol production only started in September. This delay was due to challenges with getting crude oil.
Because oil companies in Nigeria could not supply enough crude, Dangote had to import oil from other countries, like Brazil and the US.
On June 4, Dangote said that some oil companies were having trouble providing oil to his refinery. In response, President Bola Tinubu stepped in, and on July 29, the government allowed Dangote’s refinery to buy crude oil in naira.
By October 5, the Nigerian government officially started selling crude oil and refined products in naira. The refinery and Nigeria’s oil company now also trade in naira.
