Dangote’s Wealth Soars Following Refinery Operations

Nigerian business tycoon Aliko Dangote has seen his fortune grow substantially, rising from $13 billion to $27.8 billion following the launch of his new refinery in Lagos. This significant increase in wealth has further cemented his position as Africa’s richest man and elevated him to 65th place on the global billionaire rankings.

Dangote Refinery began supplying refined petrol to the Nigerian National Petroleum Corporation Limited (NNPCL) in September. However, despite its operational start, the refinery has faced setbacks due to ongoing disputes over the sale of Premium Motor Spirit (PMS), commonly known as petrol. These issues have slowed its progress.

Dangote’s latest ranking is his highest to date, surpassing his previous position of 83rd in 2022. Despite this impressive leap, he had experienced a notable decline in his net worth earlier in 2024. By July, his wealth had dropped by over $1 billion, even though he had reached a net worth of $20 billion in February.

From August onwards, Dangote’s wealth fluctuated between $13.1 billion and $13.4 billion, briefly allowing South Africa’s Johann Rupert to claim the title of Africa’s richest individual. In early September, Dangote’s valuation had dipped by $26.4 million, and his year-to-date net worth had decreased by $1.84 billion.

On the global scale, Elon Musk and Jeff Bezos remain the wealthiest individuals, with fortunes of $242 billion and $210 billion respectively. Following closely behind are Mark Zuckerberg and Larry Ellison, with net worths of $204 billion and $185 billion.

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