Africa’s wealthiest man Aliko Dangote continues to make headlines as his net worth experiences a substantial boost, surging by $400 million in December, according to the Bloomberg Billionaires Index.
The increase, attributed to the rising dollar value of his diverse industrial assets, has solidified Dangote’s standing among the world’s richest individuals — he also retains his position as the continent’s richest man.
As of the time of drafting this report, Aliko Dangote’s net worth has risen from $15.8 billion on Dec. 1 to $16.2 billion — the recent uptick has narrowed his year-to-date wealth losses to $2.49 billion from the earlier $2.89 billion recorded at the beginning of the month.
African billionaire soars to 112th on global wealth rankings
This surge places him at the 112th spot on the list of the world’s wealthiest individuals, further affirming his position as the richest individual on the African continent and the wealthiest Black individual globally. His wealth is linked to his 86 percent stake in Dangote Cement, Africa’s largest cement producer, boasting an annual production capacity of 55 million tonnes.
The leading cement group, with a market capitalization of N5.45 trillion ($6.8 billion) on the Nigerian Exchange, stands as the flagship business within Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate.
The market value of Dangote’s stake in Dangote Cement is presently estimated at $6.28 billion. Beyond his cement empire, he holds a substantial $5.15-billion interest in Dangote Fertilizer, a state-of-the-art plant capable of producing up to 2.8 million tonnes of urea annually.
Dangote’s $20-billion mega refinery signals energy sector revolution in Africa
In a groundbreaking development poised to further elevate Dangote’s fortune, the $20-billion Dangote Oil Refinery, boasting the largest refining capacity in Sub-Saharan Africa, is gearing up to revolutionize the continent’s energy sector.
Located in Lekki, Nigeria, the Dangote Petrochemical Complex is set to commence operations with a projected annual revenue of $27 billion at full capacity. The complex will initially focus on producing diesel, aviation fuel, and gas, with plans for petrol production in subsequent stages.
A significant milestone was reached last Friday as the first crude shipment, carried by the OTIS tanker containing 950,000 barrels of Nigeria’s Agbami crude, arrived at the facility. Overcoming years of delays, this marks a pivotal moment for the mega refinery, signaling its imminent impact on the African energy landscape.