Forbes: Nigerian entrepreneur Aliko Dangote's wealth surges by almost 100 per cent to $23.9bln, now 86th richest in the world
BILLIONAIRE Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion.
Forbes estimates Dangote's net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.
This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.
Dangote disrupted the government's oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa.
Additionally, the refinery's adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa's largest fertiliser producer.
The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa. Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.
Related News Dangote hails Tinubu on impact of naira-for-crude swap deal Mo Abudu makes Forbes 100 Most powerful women for 3rd year Access Bank, only Nigerian company on Forbes 2024 World's best employers list
Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world's largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.
'I want to provide a blueprint for industrialisation across Africa,' Dangote says in an interview with Forbes. 'We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.' He believes Africa has long been 'a mere dumping ground for finished products,' and his refinery represents 'a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.'
Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.
'It was the biggest risk of my life,' says Dangote about his decision to embark on the project. 'If this didn't work, I was dead.'
Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.
'He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,' she said.
A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent.
'I think he's believed staunchly in the fact that Nigerians need products that he has to offer,' he said while adding, 'Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dubai Eye
12 hours ago
- Dubai Eye
UAE to host landmark parliamentary session with EU President
A landmark parliamentary session is set to take place in Abu Dhabi on Monday, as Saqr Ghobash, Speaker of the Federal National Council (FNC), hosts Roberta Metsola, President of the European Parliament, for an official UAE–European session. This marks the first-ever visit by a sitting European Parliament President to the Gulf region, highlighting the growing strategic ties between the UAE and the European Union. The visit follows an official invitation from the FNC and comes at a key moment in UAE–EU relations, with negotiations underway for a Comprehensive Economic Partnership Agreement (CEPA). The session at the FNC's Zayed Hall in Abu Dhabi will bring together senior ministers, EU diplomats and officials for a dialogue focused on boosting parliamentary cooperation and aligning positions on regional and global issues. As part of the agenda, the FNC will also host the 18th meeting of GCC parliamentary heads, with Metsola joining discussions to further strengthen GCC–EU relations.
Dubai Eye
12 hours ago
- Dubai Eye
Ukraine asks allies to allocate 0.25% of GDP to boost its weapon production
President Volodymyr Zelenskyy has called on Ukraine's Western partners to allocate 0.25 per cent of their GDP to helping Kyiv ramp up weapons production and said the country plans to sign agreements this summer to start exporting weapon production technologies. In remarks released for publication by his office on Saturday, Zelenskyy said Ukraine was in talks with Denmark, Norway, Germany, Canada, the United Kingdom and Lithuania to launch joint weapon production. "Ukraine is part of Europe's security and we want 0.25% of the GDP of a particular partner country to be allocated for our defence industry and domestic production," Zelenskyy said. As the war with a bigger and better-equipped Russia has intensified in recent weeks, Ukraine's need for new weapons and ammunition is constantly growing. This year Kyiv had secured $43 billion to finance its domestic weapon production, Zelenskyy said. Member nations of the NATO military alliance are expected to meet next week in The Hague, to discuss higher defence spending. NATO Secretary General Mark Rutte has proposed that countries should each agree to spend 5 per cent of their GDP on defence and security measures. Zelenskyy said he was likely to visit the NATO summit, adding that several meetings with Western leaders had been set up on the sidelines. He also said that he hoped to meet US President Donald Trump. Last week, Zelenskyy attended the Group of Seven summit in Canada as he sought to discuss stronger sanctions against Russia and more military support for Ukraine with Trump there. But he failed to meet with the US President as Trump left a day early for Washington to address the Israel-Iran conflict. Ukraine currently covers about 40 per cent of its defence needs with domestic production, and the government is constantly looking for ways to increase production further. Kyiv plans to launch joint weapon production outside of the country and will start exporting some of its military production technologies, Zelenskyy said. "We have launched a programme 'Build with Ukraine' and in summer we will sign relevant agreements to start exporting our technologies abroad in the format of opening production lines in European countries," Zelenskyy said. The discussions focused on producing different types of drones, missiles, and potentially artillery, he added.
ARN News Center
a day ago
- ARN News Center
Ukraine asks allies to allocate 0.25% of GDP to boost its weapon production
President Volodymyr Zelenskyy has called on Ukraine's Western partners to allocate 0.25 per cent of their GDP to helping Kyiv ramp up weapons production and said the country plans to sign agreements this summer to start exporting weapon production technologies. In remarks released for publication by his office on Saturday, Zelenskyy said Ukraine was in talks with Denmark, Norway, Germany, Canada, the United Kingdom and Lithuania to launch joint weapon production. "Ukraine is part of Europe's security and we want 0.25% of the GDP of a particular partner country to be allocated for our defence industry and domestic production," Zelenskyy said. As the war with a bigger and better-equipped Russia has intensified in recent weeks, Ukraine's need for new weapons and ammunition is constantly growing. This year Kyiv had secured $43 billion to finance its domestic weapon production, Zelenskyy said. Member nations of the NATO military alliance are expected to meet next week in The Hague, to discuss higher defence spending. NATO Secretary General Mark Rutte has proposed that countries should each agree to spend 5 per cent of their GDP on defence and security measures. Zelenskyy said he was likely to visit the NATO summit, adding that several meetings with Western leaders had been set up on the sidelines. He also said that he hoped to meet US President Donald Trump. Last week, Zelenskyy attended the Group of Seven summit in Canada as he sought to discuss stronger sanctions against Russia and more military support for Ukraine with Trump there. But he failed to meet with the US President as Trump left a day early for Washington to address the Israel-Iran conflict. Ukraine currently covers about 40 per cent of its defence needs with domestic production, and the government is constantly looking for ways to increase production further. Kyiv plans to launch joint weapon production outside of the country and will start exporting some of its military production technologies, Zelenskyy said. "We have launched a programme 'Build with Ukraine' and in summer we will sign relevant agreements to start exporting our technologies abroad in the format of opening production lines in European countries," Zelenskyy said. The discussions focused on producing different types of drones, missiles, and potentially artillery, he added.
