Aliko Dangote, Africa’s richest businessman, witnessed a remarkable surge in his net worth on Wednesday, as his fortune increased by an impressive $15.1 billion (equivalent to N24.71 trillion). This significant boost elevated his total net worth to $27.8 billion, a substantial leap from his previous valuation of $12.8 billion.
According to the Bloomberg Billionaires Index, which was published on Thursday, Dangote’s increase in wealth was the largest among 500 billionaires being tracked globally. His meteoric rise is attributed to the successful launch of his $20 billion refinery, located in Lagos State, Nigeria. This facility, which is now the largest refinery on the African continent, has been a game-changer for Dangote and his business empire.
The Dangote Refinery, notable for being the largest single-train refinery in the world, has the capacity to process a wide variety of crude oils from different parts of the world. Once fully operational, it is expected to greatly reduce Nigeria’s reliance on imported fuels, a dependency that has had a crippling effect on the country’s economy for decades.
Speaking about the project during a recent visit to New York, the 67-year-old businessman reflected on the numerous challenges he encountered while building the refinery. He mentioned that he initially underestimated the scale and complexity of the endeavor, referring to the refinery as a “monster.” He candidly remarked, “I didn’t know what we were building was a monster,” and went on to say that he would not wish such an experience on his worst enemy.
The refinery project, which took 11 years to complete, faced significant delays and cost overruns. Regulatory hurdles, the global effects of the COVID-19 pandemic, and opposition from local communities, particularly due to environmental concerns, contributed to these delays. Despite these setbacks, Dangote pushed forward and eventually saw the project to completion, though at a much higher cost than originally anticipated.
Dangote’s wealth comes not only from the refinery but also from his diverse business interests, including sugar, salt, oil, fertilizer, and packaged food products. His extensive business portfolio has solidified his position as Africa’s richest man, a title he has held for years.
According to Bloomberg’s latest report, Dangote is now ranked as the 65th richest person in the world, marking a significant climb up the global billionaire rankings. His current net worth of $27.8 billion is his highest since July 2014, when his fortune was estimated at $25.7 billion.
This milestone further solidifies Dangote’s position not only as a titan of African industry but also as a key player on the global stage, with his influence and wealth continuing to grow.
