Latest news with #AlikoDangote
IOL News
10 hours ago
- Business
- IOL News
Africa's billionaires: Who are the richest in 2025?
Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed. Here's the top five on the list Aliko Dangote - Nigerian industrialist Aliko Dangote is the founder and president/chief executive of the Dangote Group, the largest conglomerate in West Africa, which includes Dangote Cement, a subsidiary of the Dangote Group, is the largest cement producer in Africa. He remains Africa's wealthiest person for the 14th consecutive year. His net worth surged to an estimated $23.9 billion, driven significantly by Forbes now valuing his massive Dangote Refinery near Lagos. The refinery, operational after lengthy delays, is key to Nigeria's shift from fuel importer to exporter. Dangote, ranked among the world's top 100 richest, calls the project pivotal for Africa's self-sufficiency. Johann Rupert and family - South African luxury goods magnate Johann Rupert holds firm as Africa's second-richest billionaire. His fortune climbed 39% to $14 billion, largely reflecting the rebound in shares of Richemont, the luxury group he chairs and controls through family holdings. Richemont, owner of brands like Cartier, benefited from strong global demand for high-end jewellery and watches, cementing the Rupert family's dominant position in the sector.
Zawya
11 hours ago
- Business
- Zawya
Nigeria: Dangote blames shortage of domestic crude oil for reliance on imports from US
The President of Dangote Group, Alhaji Aliko Dangote, has blamed shortage of domestic crude oil for the major reason Dangote refinery increasingly relied on imports from the United States to meet its needs in recent months. Dangote stated this during the tour of the facility by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative. He applauded the technical committee for its role in supporting the implementation of President Tinubu's laudable Naira-for-Crude initiative. He also commended the positive impact of the naira-for-crude swap deal on the Nigerian economy, noting that it has led to a reduction in petroleum product prices, eased pressure on the dollar, and ensured the stability of the local currency, among others. However, he noted in a statement: 'Due to a shortage of domestic crude oil, the refinery has increasingly relied on imports from the United States to meet its needs in recent months.' He stressed the importance of bold investment in strategic sectors as a key to industrialisation, revealing that building the refinery required extensive infrastructure development, including a world-class, self-sufficient marine facility capable of accommodating the largest vessels globally. He assured the delegation of the refinery's commitment to national development. Designed to process a wide range of crude types, including African and Middle Eastern grades as well as US Light Tight Oil, the refinery has the capacity to meet 100 per cent of Nigeria's domestic demand for petrol, diesel, kerosene and aviation jet fuel, with a surplus available for export. The $20 billion Dangote Petroleum Refinery & Petrochemicals was described as 'a symbol of industrial revolution, driving Nigeria's economic emancipation' by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative during the tour of the facility on Tuesday. Coordinator of the OSS Technical Committee, Mrs Maureen Ogbonna, who led the delegation, described the refinery as a breath of fresh air, impacting virtually every sector of the economy. 'This refinery touches all our lives. There's scarcely any sector unaffected. From pharmaceuticals to construction, food to plastics, this project is transformational. God has used the President of the Dangote Group to liberate Nigeria. I see this as the beginning of an industrial revolution,' she said. Noting that, in line with President Bola Tinubu's vision of achieving full domestic sufficiency in petroleum products and positioning Nigeria as a major global exporter, the committee is committed to eliminating regulatory, operational and logistical barriers that hinder the smooth supply and sale of domestic crude oil and refined products in naira. Reflecting on the scale and sophistication of the facility, Ogbonna, who had visited during construction and more recently alongside the leadership of the Nigerian Ports Authority, expressed continued awe at its execution. 'It is truly mind-blowing that one man could envision and execute such a project. As we toured the refinery, we thought we had seen everything until we reached the laboratory. That lab alone is an institution. I don't know of any institution in Nigeria or even globally that boasts such a laboratory for petrochemical,' she said. Applauding the engineering feat, Ogbonna urged Dangote to remain focused and undeterred by detractors, emphasising that the project is a global achievement, not a personal enterprise. 'We feel truly honoured to have been warmly received by the President of the Dangote Group and his team. My advice to him is: do not be discouraged by critics. He was never self-centred. Despite the obstacles, he was driven by a vision for Nigeria's future, reaching far beyond Africa,' she added. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
IOL News
14 hours ago
- Business
- IOL News
Nigerian oil magnate Aliko Dangote leads as Africa's elite hit record-busting $105 billion fortune
Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed. South Africa hosts the most billionaires (seven), followed by Nigeria and Egypt (four each). Morocco has three, with one each from Algeria, Tanzania, and Zimbabwe. The growth was even as the continent faces persistent challenges such political instability and currency crises. Nigerian industrialist Aliko Dangote retains top spot for the 14th consecutive year. His net worth jumped to $23.9bn, largely due to Forbes now valuing his long-delayed Lagos oil refinery. The refinery, aiming for full capacity soon, has enabled Nigeria to export refined products.
Business Insider
16 hours ago
- Business
- Business Insider
Dangote's growing reliance on U.S. crude tied to Nigeria's supply failures
Aliko Dangote, President of the Dangote Group, says his refinery is increasingly depending on crude oil imports from the United States due to Nigeria's failure to meet domestic supply commitments. Aliko Dangote states his refinery increasingly relies on U.S. crude imports due to Nigerian supply challenges. Despite being Africa's largest oil producer, Nigeria has struggled to meet domestic crude supply commitments. The Dangote Refinery has diversified its sources, importing crude grades from the U.S., Angola, and Algeria. Despite being Africa's largest oil producer, Nigeria has struggled to consistently provide crude feedstock to the 650,000-barrel-per-day Dangote Petroleum Refinery, forcing it to look abroad to sustain operations. The Dangote Refinery recently hosted Mrs. Maureen Ogbonna, Coordinator of the Technical Committee of the One-Stop Shop for the Sale of Crude and Refined Products in Naira initiative, during an official visit to the facility. Ogbonna, who led a delegation to the refinery, described it as ' a breath of fresh air ' with a transformative impact across virtually every sector of the Nigerian economy. While applauding the technical committee's role in supporting President Bola Tinubu's naira-for-crude initiative, Aliko Dangote praised the policy's positive effect on the economy. He noted that the crude-for-naira swap deal has helped lower petroleum product prices, reduced pressure on the U.S. dollar, and contributed to stabilizing the local currency. However, Dangote acknowledged that due to ongoing shortages of domestic crude oil, the refinery has increasingly had to rely on imports from the United States in recent months to sustain operations. As a result, U.S. suppliers have become a key fallback, highlighting both Nigeria's supply gaps and the growing role of international markets in sustaining one of Africa's largest energy investments. Dangote's dependence on foreign crude According to the National Bureau of Statistics (NBS), Nigeria spent ₦1.19 trillion on crude oil imports in the first quarter of 2025, making it the country's third most imported commodity during the period—despite being Africa's top oil producer. The contradiction highlights persistent supply gaps to local refineries, especially the Dangote Petroleum Refinery. Findings show that the Dangote Refinery is projected to import 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered over the past two months, amid ongoing allocations under the Federal Government's naira-for-crude policy. As of March 2025, the refinery had received over three million barrels of U.S. crude in a single month, according to Bloomberg. Beyond American crude, the refinery has diversified its sources by importing Angola's Pazflor grade and Algeria's Saharan Blend, both supplied by Glencore Plc.
Business Insider
17 hours ago
- Business
- Business Insider
Top 5 African billionaires with the highest net-worth change in 2025 so far
Midway through 2025, the fortunes of African billionaires have shifted in ways that reflect a great deal about the continent's economic orientation, global significance, and private sector innovation. Business Insider Africa presents the top 10 richest African billionaires mid-way into 2025. This list is courtesy of Forbes. Johann Rupert ranks number 1 on the list. While some African billionaires saw their portfolios increase by billions, others faced stagnation or declines. These variations are more than simply financial; they are dynamic indications of Africa's evolving commercial scene, which is fascinating for a variety of reasons. The considerable gains achieved by billionaires such as Nigeria's Aliko Dangote, whose net worth increased by over $10 billion in approximately a year following the operational launch of his oil refinery, demonstrate how industrial infrastructure is changing wealth throughout the continent. Similarly, high-net-worth individuals (HNWI) in Egypt and South Africa have seen their wealth transfer due to strong results in building, chemicals, luxury goods, and mining. These industries, albeit conventional, are demonstrating their ability to create remarkable value when combined with innovation and sound strategy. Some African countries still retain some of the world's most erratic economies, but they sometimes also offer several fiscal opportunities. The billionaires who flourish are those who can predict or adapt promptly to change. This volatility is what makes tracking these wealth transfers so fascinating; each change in net worth tells a story about risk, resilience, and reward. Behind the increases in net worth of Africa's HNWI are the result of careful planning, calculated risk-taking, timing, and, sometimes, chance. Unlike static lists of wealthy individuals, year-to-date swings make these billionaires feel like active players in an ongoing African economic narrative. From Dangote's gamble on self-sufficiency to Oppenheimer's diverse investment bets, these are dynamic tales worth following, not just for the money, but also for what they reveal about African ambition and promise. With that said, here are the African billionaires with the most dramatic change in fortune mid-way into the year, as per data from Bloomberg's Billionaire Index. Top 5 African billionaires with the highest net-worth change in mid-2025 Rank Name Current networth Net-worth at the start of the year Net-worth change 1. Johann Rupert $16.4 billion $13.7 billion +2.7 billion 2. Natie Kirsh $10.4 billion $9.33 billion +$1.07 billion 3. Nassef Sawiris $9.41 billion $8.69 billion +720 million 4. Nicky Oppenheimer $12.0 billion $11.5 billion +$500 million 5 Aliko Dangote $27.7 billion $28.1 billion -$400 million
