
Mega refinery owned by Africa’s richest man set to export two cargoes of fuel oil
Trafigura Group, a multinational commodity trading company headquartered in Singapore, has been awarded the contract for the inaugural shipment.
Trafigura Group, a multinational commodity trading company headquartered in Singapore, has been awarded the contract for the inaugural shipment.
Dive into the dynamic world of African business magnates, where Benedict Peters teams up with the Atlantic Council, Femi Otedola secures a massive dividend from Geregu Power, and Aliko Dangote propels his companies toward public listings.
Kwairanga said the Dangote Oil Refinery and Dangote Fertilizer Company are slated for listing on the exchange imminently.
The primary cause behind this abrupt plunge in Dangote’s wealth is attributed to the revaluation of his assets, triggered by the recent devaluation of the Nigerian naira.
According to the Bloomberg Billionaires Index, his wealth surged from $15.1 billion on Jan. 1 to $22.2 billion on Jan. 31, marking a $7.11-billion increase.
The move by the Dangote Oil Refinery, led by Aliko Dangote, who holds the title of the world’s richest Black billionaire, signals a significant change in strategy.
Overcoming naira woes and macroeconomic uncertainties, Dangote’s net worth climbs to $22 billion — a $6.9 billion surge in 2024.
With a current net worth of $20.3 billion, Dangote has solidified his position as Africa’s richest person.
The surge in Dangote Cement shares coincides with Nigerian billionaire Femi Otedola’s strategic investment in the leading cement company.
The impressive surge in his fortune over the past 24 hours has seen his net worth increase from $15.5 billion to $17 billion.
This investment follows Otedola’s return to the Forbes Africa’s Richest List, where he now boasts an estimated net worth of $1.2 billion.
In just 17 days of 2024, he has already regained over $2 billion.
The marketers have registered for the lifting and distribution of refined petroleum products.
The Dangote Petrochemical Complex aims to meet 100 percent of Nigeria’s demand for refined petroleum products, including petrol, diesel, kerosene, and jet fuel.
The Dangote Fertilizer Plant, launched in March 2022, was conceived as part of an ambitious initiative to meet Nigeria’s 1.5 million-tonne annual fertilizer demand.
The latest delivery, consisting of one million Agbami barrels of crude, marks the completion of the 6-million-barrel consignment to be utilized in the start-up phase.