Aliko Dangote, President of Dangote Industries Limited (DIL), has reached a new financial milestone, with his net worth soaring past the $30 billion mark, according to the latest Bloomberg Billionaires Index.
Bloomberg data showed that Dangote’s fortune rose by $2.25 billion to $30.3 billion as of October 24, propelling him to the 75th position on the global billionaires’ list — and making him the only African among the top 100.
The achievement follows a period of aggressive expansion across Dangote’s vast industrial network. Two weeks ago, Dangote Cement, one of his flagship subsidiaries, officially launched operations in Attingué, Côte d’Ivoire. The new plant, which spans 50 hectares, boasts a production capacity of 3 million tonnes of cement annually, cementing Dangote’s dominance in Africa’s construction materials market.
At home, Dangote continues to make waves in Nigeria’s energy sector. His multibillion-dollar refinery, inaugurated in May 2023, began producing diesel in January 2024 and petrol in September after overcoming crude supply challenges. The refinery, with a 650,000-barrel-per-day capacity, is one of the largest single-train facilities in the world and sits on 2,635 hectares of land in Ibeju-Lekki, Lagos.
Earlier this week, Dangote revealed plans to list between 5% and 10% of the refinery’s shares on the Nigerian Exchange (NGX) within a year — a move similar to those taken by Dangote Cement and Dangote Sugar Refinery. He also noted that the Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2% stake, could increase its shareholding once the next phase of the refinery’s expansion is complete.
In a bold new target, the Dangote Refinery aims to raise its output to 1.4 million barrels per day, surpassing the world’s largest refinery in Jamnagar, India. However, this ambitious expansion has stirred concerns among industry stakeholders. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned in June that Dangote’s growing dominance could create a monopoly and threaten jobs across the downstream sector.
Despite the criticism, the refinery’s operations continue to transform Nigeria’s energy landscape. Earlier this year, the company announced a nationwide fuel distribution network backed by 4,000 compressed natural gas (CNG)-powered tankers, signalling its intent to redefine the country’s fuel supply chain.
From cement to energy, Dangote’s empire continues to grow in scale and influence — a trajectory that has now made him not just Africa’s richest man, but one of the world’s most formidable industrialists.
Melissa Enoch
