Africa’s wealthiest individual, Aliko Dangote, is closing in on a $30 billion net worth, fueled by the rise of his industrial empire and the full-scale operation of Africa’s largest oil refinery—a project that has placed him at the center of Nigeria’s efforts to become a net exporter of refined petroleum products.
As of August 7, Dangote’s net worth stands at an estimated $29.3 billion, according to data compiled from corporate filings and independent analysis by Bloomberg.
His fortune has increased by $1.22 billion year-to-date, reflecting a 4.3% rise largely attributed to the performance of the Dangote Oil Refinery, which began operations in early 2024.
Dangote, 68, controls Dangote Industries, a closely held Lagos-based conglomerate with sprawling interests in cement, sugar, salt, oil, fertilizers, and packaged food. The crown jewel of the group is the $20 billion oil refinery located on the outskirts of Lagos. Holding a 92.3 percent stake, Dangote’s wealth is significantly tied to this facility, which is now reshaping Nigeria’s petroleum economy by reducing dependency on fuel imports.
The refinery’s valuation, pegged to its construction cost, marks a bold bet on energy infrastructure. Industry analysts say its full potential could outstrip its initial valuation if output continues to rise and export contracts expand.
What we know about Africa’s richest man
Beyond oil, Dangote maintains a dominant presence in cement through Dangote Cement, the largest producer in sub-Saharan Africa. He holds an 86 percent stake in the company, which is publicly listed on the Nigerian Stock Exchange. Additional equity holdings include stakes in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa, all part of a diversified portfolio managed under the umbrella of Dangote Group.
His fertilizer plant, capable of producing 2.8 million tonnes of urea annually, contributes further to the group’s industrial might. Valued using a net present value model based on a 50 percent utilization rate, the plant underscores Dangote’s long-term strategy to vertically integrate Nigeria’s agricultural supply chains.
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Dangote’s wealth is also spread across privately held assets in food processing, packaging, and agriculture. Valuations for these businesses are derived from investment costs documented in the company’s 2023 audited financial statements, Bloomberg stated.
Real estate is another pillar of his portfolio. Dangote owns six high-value residential and commercial properties in Lagos, valued using the capitalization method. Rental income figures provided by his spokesman, Anthony Chiejina, alongside market data from CBRE Broll Nigeria, form the basis of those estimates.
His cash reserves held in both naira and U.S. dollars are informed by disclosures made by Dangote in 2024, adding liquidity to a largely asset-rich balance sheet.
