Aliko Dangote, the President of Dangote Group, is now the 86th richest man in the world as his wealth has risen to $23.9 billion.
This increase comes a year after his $20 billion petroleum refinery in Lagos started operations.
According to Forbes on Tuesday, Dangote moved from 144th place in 2024 to 86th in the world rankings. His wealth grew from $13.4 billion to $23.9 billion, making him Africa’s richest person.
Forbes stated that most of Dangote’s wealth comes from his 92.3% ownership of the Dangote Refinery. The 67-year-old businessman is now among the top 100 richest people globally, a position he last held in 2018.
Dangote’s ranking puts him ahead of South Africa’s Johann Rupert, who is ranked 161st with $14.4 billion, and Nigeria’s Mike Adenuga, who is ranked 481st with $6.8 billion.
The Dangote Refinery, with a capacity of 650,000 barrels per day, is the largest in Africa and the seventh-largest in the world.
It also has a petrochemical plant that produces 3 million metric tonnes of urea yearly, making it Africa’s biggest fertiliser producer.
The refinery has already changed global energy markets. Nigeria’s petroleum imports are now at their lowest in eight years, affecting European suppliers that once depended on selling fuel to Nigeria.
Speaking to Forbes, Dangote said he hopes to inspire industrial growth across Africa. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment,” he said.
He also described the refinery project as the biggest risk of his life. “If this didn’t work, I was dead,” he added.
Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, told Forbes that many Nigerians see Dangote as a hero.
“He is seen as a real industrialist who builds things,” she said.
