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Aliko Dangote, the Nigerian billionaire and CEO of Dangote Refinery, has seen his net worth soar to $28 billion following the launch of operations at his long-awaited oil refinery.
According to the Bloomberg Billionaires Index, the start of Nigeria’s new oil refinery—one of the world’s largest single-train refineries located in the Lekki Free Trade Zone, Lagos—has significantly increased Dangote’s wealth.
This state-of-the-art facility, capable of refining a wide variety of crude oil types, is expected to play a transformative role in Nigeria’s economy by enabling the country to meet its fuel demands domestically, reducing its reliance on imports. Bloomberg noted that this development has already more than doubled Dangote’s net worth to $27.8 billion.
Industry analysts are optimistic that Dangote’s wealth will continue to rise as the refinery scales up production and expands its output to other African countries.
At 67, Dangote has built his fortune primarily through his 86% stake in Dangote Cement, valued at over $9 billion, with operations across ten African nations. In addition to cement, the Dangote Group has diversified interests in sectors like food production, fertilizers, and real estate.
