Aliko Dangote Rejoins World’s Top 100 Billionaires as Net Worth Surges to $23.9 Billion

Aliko Dangote, Africa’s richest man, has reclaimed his position among the world’s top 100 billionaires following a massive surge in his net worth. According to Forbes’ real-time ranking of billionaires, Dangote’s wealth climbed to approximately $23.9 billion from $13.4 billion last year—an increase of $10.5 billion (78.4 percent). The remarkable growth was driven by the successful commencement of operations at the Dangote Petroleum Refinery in Lagos.

A Game-Changing Refinery Boosts Wealth

The 67-year-old Nigerian businessman holds a 92.3 percent stake in the Dangote refinery, Africa’s largest and the seventh-largest refinery in the world, with a capacity of 650,000 barrels per day. The refinery’s operations have disrupted Nigeria’s long-standing dependence on imported petroleum products, significantly reducing the country’s fuel imports to their lowest level in eight years. It has also enhanced fuel independence, allowing Nigeria to shift towards self-sufficiency in refining crude oil.

The refinery is not only transforming Nigeria’s energy sector but also influencing global oil markets. Recently, the refinery signed a deal to export two cargoes of aviation fuel to Saudi Arabia, further solidifying its international impact. By breaking the Nigerian government’s oil monopoly and overcoming resistance from entrenched interests within the country’s petroleum industry, Dangote has cemented his role as a key figure in the global energy landscape.

Africa’s Wealthiest Individuals

With his latest ranking, Dangote remains the wealthiest individual in Africa and the only African within the top 100 richest people globally. South African billionaire Johann Rupert follows in second place on the continent, ranking 164th worldwide with a net worth of $14.2 billion. Nicky Oppenheimer and family occupy the third spot in Africa and 288th globally, with a net worth of $9.5 billion.

Dangote’s financial success underscores his long-term vision for Africa’s industrialization. His investment in large-scale industries, particularly in manufacturing, cement production, and now petroleum refining, has reinforced his belief that Africa must take control of its economic destiny.

A Bold Vision for Africa’s Future

In a recent interview with Forbes, Dangote emphasized the importance of self-reliance in Africa’s development. “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he stated. He described the refinery project as “the biggest risk of my life,” acknowledging the financial stakes involved in its completion.

His success story has earned him widespread admiration. Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, noted that many Nigerians view Dangote as a hero and a true industrialist. His efforts to drive transformative economic change in Nigeria and across Africa have further solidified his legacy as a business leader committed to continental progress.

As Dangote’s fortune continues to rise, his strategic investments in Africa’s industrial sector highlight the potential for self-sustained growth and economic transformation across the continent. With the Dangote Petroleum Refinery already making a global impact, the billionaire’s influence in the energy sector is expected to grow even further in the coming years.