Table of Contents
Key Points
- Forbes now values Aliko Dangote at $23.9 billion, driven by his 92.3 percent stake in Dangote Refinery, surpassing Johann Rupert.
- Dangote’s refinery, now running at 85%, is expanding crude storage by 41.67% to stabilize operations and boost output to 650,000 barrels per day.
- The refinery exports fuel to multiple African countries and recently supplied jet fuel to Saudi Aramco, strengthening Dangote’s global energy footprint.
Nearly a year after his $20 billion Dangote Oil Refinery began operations, Nigerian billionaire Aliko Dangote has not only reshaped Africa’s energy sector but also reclaimed his title as the continent’s richest man. Forbes now estimates his net worth at $23.9 billion, driven largely by his 92.3 percent stake in the refinery. This puts him ahead of South African billionaire Johann Rupert and cements his status as one of the world’s top business figures. Beyond Nigeria, the refinery is making waves in the global energy market, further elevating Dangote’s profile.
Forbes’ latest valuation narrows the gap with Bloomberg’s estimate, though a discrepancy remains. In October 2024, Bloomberg became the first to factor in Dangote’s refinery stake, initially valuing his fortune at $27.8 billion. That figure has since climbed to $28.2 billion, with Bloomberg assigning $18.2 billion of it to the refinery. Forbes, taking a more conservative stance, values the same stake at $13.3 billion.
Despite the different calculations, the outcome is the same—Dangote is once again Africa’s richest man, ranking 86th on Forbes’ global billionaires list. He now surpasses prominent U.S. Black billionaires such as David Steward, founder of World Wide Technology, and Robert F. Smith, founder of Vista Equity Partners. Earlier this year, Forbes had estimated both men to be richer than Dangote.
Inside Dangote’s $20 billion refinery project
At the center of this resurgence is the Dangote Refinery, a facility that has upended Africa’s fuel market. Located on a Lagos peninsula six times the size of Victoria Island, the refinery is part of the larger Dangote Petrochemical Complex, which also includes one of the world’s largest fertilizer plants.
With a capacity of 650,000 barrels per day, it is the largest single-train refinery globally and the most ambitious industrial project Dangote has undertaken. Since beginning production in early 2024—starting with diesel and aviation fuel, followed by petrol in September—the facility has ramped up operations, now refining 550,000 barrels per day with plans to reach full capacity soon.
Building the refinery was no small feat. In a Bloomberg interview last October, Dangote likened the experience to building a dream home, only to find the roof leaking. Building a $20 billion refinery in Nigeria—a country that, despite being Africa’s largest oil producer, has long depended on costly fuel imports—was a massive challenge.
But his persistence is paying off. The refinery is poised to slash Nigeria’s reliance on foreign petroleum products while reshaping fuel trade across the continent. Reacting to his return to the top of Africa’s wealth rankings, Dangote quipped, “Sorry, it’s better than selling bags,” a dig at Johann Rupert, whose fortune is built on luxury goods.
Dangote refinery nears full capacity, expands crude storage capacity
Even as production scales up, securing enough crude oil remains a challenge. Edwin Devakumar, head of the refinery, recently revealed that the plant is operating at 85 percent and could reach full capacity within 30 days. To ensure stable operations, Dangote is expanding crude storage, constructing eight new tanks—four of which are nearly complete. Once finished, these additions will boost the refinery’s storage capacity by 41.67 percent to 3.4 billion liters.
Despite hurdles, the refinery is already making its mark on global markets. It has begun exporting diesel and aviation fuel to Cameroon, Angola, Ghana, and South Africa while also eyeing deeper involvement in Angola’s refining sector. In a sign of its growing international significance, the refinery recently supplied jet fuel to Saudi Aramco, the world’s largest oil producer, valued at more than $1.7 trillion.
Dangote’s latest success reinforces his relentless drive to industrialize Africa. While his cement empire first catapulted him to the top of Africa’s billionaire rankings, his refinery is securing his legacy as a global energy powerhouse. As operations expand and market influence grows, Aliko Dangote isn’t just reclaiming his spot as Africa’s richest man—he is redefining the continent’s role in the global energy industry.
