- Aliko Dangote’s wealth surged from $13 billion to $27.8 billion, attributed to the operational launch of his Lagos refinery
- The Dangote Refinery began distributing refined petrol, marking a significant milestone for Nigeria’s oil industry and boosting Dangote’s global ranking
Nigerian billionaire Aliko Dangote’s fortune has significantly increased from $13 billion to $27.8 billion, following the start of operations at his newly constructed refinery in Lagos.
In September, the Dangote Refinery began distributing refined petrol to the Nigerian National Petroleum Corporation Limited (NNPCL).
Despite some disputes concerning selling Premium Motor Spirit (PMS), commonly known as petrol, which slowed the refinery’s progress, Dangote’s wealth has surged.
According to Bloomberg’s latest Top 500 Billionaires Index, released on Thursday, Dangote remains the richest man in Africa and now ranks as the 65th richest person globally, his highest-ever ranking. He was previously 83rd in 2022.
Earlier this year, Dangote’s net worth had dropped significantly, losing over $1 billion by July 29, with his wealth stagnating between $13.1 billion and $13.4 billion.
At that point, South African businessman Johann Rupert briefly surpassed him as Africa’s wealthiest individual. However, with the refinery now fully operational, Dangote’s wealth has rebounded.
Globally, Elon Musk leads the list of the richest individuals with $242 billion, followed by Jeff Bezos at $210 billion. Other top billionaires include Mark Zuckerberg and Larry Ellison, with $204 billion and $185 billion, respectively.