Forbes reports that Nigerian business magnate Aliko Dangote’s net worth has nearly doubled to $23.9 billion, securing his position as Africa’s richest individual and the 86th wealthiest person globally.
The 67-year-old industrialist’s wealth surged from $13.4 billion in 2024, when he ranked 144th on Forbes’ list, marking his return to the global top 100 for the first time since 2018.
The dramatic increase is primarily driven by his 92.3% stake in the Dangote Petroleum Refinery & Petrochemicals, a $23 billion facility in Lagos’ Lekki Free Zone.
Operational since 2025, the refinery—Africa’s largest and the world’s seventh biggest—can process 650,000 barrels of crude oil daily.
It also includes a petrochemical complex producing 3 million metric tons of urea annually, positioning it as Africa’s top fertilizer producer.
Dangote described the refinery as a cornerstone of his vision to industrialize Africa.
“We must build our nation and continent ourselves, not depend on foreign investment,” he told Forbes.
Reflecting on the project’s risks, he admitted, “It was the biggest gamble of my life. Failure would have been catastrophic.”
Compared to his closest African rival, South Africa’s Johann Rupert ($14.4 billion, 161st globally), and Nigeria’s Mike Adenuga ($6.8 billion, 481st), Dangote’s wealth cements his dominance.
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