Key Factors
- Forbes now values Aliko Dangote at $23.9 billion, pushed by his 92.3 p.c stake in Dangote Refinery, surpassing Johann Rupert.
- Dangote’s refinery, now working at 85%, is increasing crude storage by 41.67% to stabilize operations and increase output to 650,000 barrels per day.
- The refinery exports gasoline to a number of African nations and lately provided jet gasoline to Saudi Aramco, strengthening Dangote’s world power footprint.
Almost a 12 months after his $20 billion Dangote Oil Refinery started operations, Nigerian billionaire Aliko Dangote has not solely reshaped Africa’s power sector but additionally reclaimed his title because the continent’s richest man. Forbes now estimates his net worth at $23.9 billion, pushed largely by his 92.3 p.c stake within the refinery. This places him forward of South African billionaire Johann Rupert and cements his standing as one of many world’s high enterprise figures. Past Nigeria, the refinery is making waves within the world power market, additional elevating Dangote’s profile.
Forbes’ latest valuation narrows the hole with Bloomberg’s estimate, although a discrepancy stays. In October 2024, Bloomberg grew to become the primary to think about Dangote’s refinery stake, initially valuing his fortune at $27.8 billion. That determine has since climbed to $28.2 billion, with Bloomberg assigning $18.2 billion of it to the refinery. Forbes, taking a extra conservative stance, values the identical stake at $13.3 billion.
Regardless of the totally different calculations, the result is similar—Dangote is as soon as once more Africa’s richest man, rating 86th on Forbes’ world billionaires record. He now surpasses distinguished U.S. Black billionaires equivalent to David Steward, founding father of World Large Know-how, and Robert F. Smith, founding father of Vista Fairness Companions. Earlier this 12 months, Forbes had estimated both men to be richer than Dangote.
Inside Dangote’s $20 billion refinery challenge
On the heart of this resurgence is the Dangote Refinery, a facility that has upended Africa’s gasoline market. Positioned on a Lagos peninsula six instances the scale of Victoria Island, the refinery is a part of the bigger Dangote Petrochemical Complex, which additionally consists of one of many world’s largest fertilizer crops.
With a capability of 650,000 barrels per day, it’s the largest single-train refinery globally and probably the most formidable industrial challenge Dangote has undertaken. Since starting manufacturing in early 2024—beginning with diesel and aviation gasoline, adopted by petrol in September—the power has ramped up operations, now refining 550,000 barrels per day with plans to reach full capacity soon.
Constructing the refinery was no small feat. In a Bloomberg interview last October, Dangote likened the expertise to constructing a dream dwelling, solely to search out the roof leaking. Constructing a $20 billion refinery in Nigeria—a rustic that, regardless of being Africa’s largest oil producer, has lengthy trusted pricey gasoline imports—was a large problem.
However his persistence is paying off. The refinery is poised to slash Nigeria’s reliance on overseas petroleum merchandise whereas reshaping gasoline commerce throughout the continent. Reacting to his return to the highest of Africa’s wealth rankings, Dangote quipped, “Sorry, it’s higher than promoting baggage,” a dig at Johann Rupert, whose fortune is constructed on luxurious items.
Dangote refinery nears full capability, expands crude storage capability
At the same time as manufacturing scales up, securing sufficient crude oil stays a problem. Edwin Devakumar, head of the refinery, lately revealed that the plant is working at 85 p.c and will attain full capability inside 30 days. To make sure secure operations, Dangote is increasing crude storage, constructing eight new tanks—4 of that are practically full. As soon as completed, these additions will increase the refinery’s storage capability by 41.67 p.c to three.4 billion liters.
Regardless of hurdles, the refinery is already making its mark on world markets. It has begun exporting diesel and aviation fuel to Cameroon, Angola, Ghana, and South Africa whereas additionally eyeing deeper involvement in Angola’s refining sector. In an indication of its rising worldwide significance, the refinery recently supplied jet fuel to Saudi Aramco, the world’s largest oil producer, valued at greater than $1.7 trillion.
Dangote’s newest success reinforces his relentless drive to industrialize Africa. Whereas his cement empire first catapulted him to the highest of Africa’s billionaire rankings, his refinery is securing his legacy as a world power powerhouse. As operations develop and market affect grows, Aliko Dangote isn’t simply reclaiming his spot as Africa’s richest man—he’s redefining the continent’s position within the world power business.
