Nigerian billionaire Aliko Dangote has risen to the 86th position on Forbes’ Real-Time Billionaires List, with an estimated net worth of $23.9 billion. This achievement marks a significant leap from his 2024 ranking as the 144th richest person globally with $13.4 billion.
At 67, Dangote retains his title as the wealthiest individual in Africa, driven by his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals. This marks his return to the top 100 richest individuals globally, a position he last held in 2018.
Dangote’s wealth places him significantly ahead of South African billionaire Johann Rupert, who ranks 161st globally with a net worth of $14.4 billion. In Nigeria, he remains unchallenged as the richest man, far surpassing Mike Adenuga, ranked 481st globally with $6.8 billion.
Dangote’s wealth surge is attributed to the success of the Dangote Refinery, Africa’s largest petroleum refinery and the seventh-largest globally. Situated on a 6,200-acre site in the Lekki Free Zone, Lagos, the refinery began operations last year after 11 years of development and a $23 billion investment.
The refinery can process 650,000 barrels of crude oil per day, while its adjacent petrochemical complex can produce 3 million metric tons of urea annually, making it Africa’s largest fertilizer producer.
Dangote envisions the refinery as a game-changer for African industrialization. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment,” he told Forbes.
He described the refinery as the most significant risk of his career. “It was the biggest risk of my life. If this didn’t work, I was dead,” he said, emphasising the immense challenges and stakes involved in the project.
