
Forbes ranks Dangote as Africa’s richest man again as his $20 billion refinery shakes up global oil markets
Forbes’ latest valuation narrows the gap with Bloomberg’s estimate, though a discrepancy remains.
Forbes’ latest valuation narrows the gap with Bloomberg’s estimate, though a discrepancy remains.
Dangote said the refinery, which began operations in early 2024, is steadily ramping up production, now reaching 550,000 barrels per day (bpd).
British oil giant BP, Swiss-based Vitol, and Singapore’s Trafigura lead sales from the Dangote Oil Refinery as Africa’s largest oil plant reshapes market.
The refinery specified that any referenced payments were processed through the Nigerian National Petroleum Company (NNPC) Limited, not directly to them.
This figure is expected to increase by the first quarter of 2025, with the company aiming to resolve its ongoing crude supply issues.
Dangote, a lifelong Arsenal fan and founder of the diversified Dangote Group, made the disclosure during an interview with Bloomberg’s Francine Lacqua.
The $20 billion refinery recently completed a critical test run of its 650,000 barrels-per-day capacity, a significant step towards the official market rollout.
The maiden consignment, comprising 45,000 metric tons of jet fuel, embarked on its journey to Rotterdam, Netherlands, aboard the vessel “Doric Breeze” from the Lekki Free Zone in Lagos on May 27.
The choice to pursue a dual listing on both exchanges reflects considerations arising from the NGX’s current limitations in accommodating the scale of the refinery.
Trafigura Group, a multinational commodity trading company headquartered in Singapore, has been awarded the contract for the inaugural shipment.