Dangote’s Fortune Doubles to N36trn—Back in Top 100!

Over the last one year, Robert has regarded his $20bn Dangote Petroleum Refinery in Lagos. With Nigeria gaining publicity from the refinery, Dangote’s personal smirk seems to be coming back dear to him; indeed, Forbes claims that the man from various oil and, more recently, petro-chemicals-only sectors are less than the oil mafia had termed with reference to the monolithic institution.

Considered as African richest man by Forbes on Tuesday, the Nigerian entrepreneur achieved a rank from number 144 in 2024 to number 86 in the richest men on earth as his wealth grew from $13.4 billion to $23.9 billion.

The Forbes valuation of $23.9 billion was sharply impacted by his 92.3% ownership of Dangote refinery.

Once again, Dangote, who is aged 67, enters among the top 100 richest individuals on the earth, a position he has not seen since the year 2018, according to the real-time billionaire compensation list by Forbes.

This is well beyond South African Johann Rupert, ranked 161 in the world with an estimated worth of $14.4 billion, and Mike Adenuga-the second richest in Nigeria and 481st in the world, with $6.8 billion.

The massive refinery Dangote is building is one that could be said to have put paid to the government’s oil monopoly. He built this refinery facing serious challenge from the ones he called the oil mafia.

The Dangote Refinery is to be found on a vast expanse of land measuring 6,200 acres in the Lekki Free Zone: it will, at full capacity, process a remarkable 650,000 barrels per day (b/d), further ranking it as the seventh-largest refinery in the world and the largest in Africa. Notably, the adjoining petrochemical complex of the refinery has an annual production capacity of urea worth 3 million metric tons, making it Africa’s largest fertiliser producer.

The immediate impact of the Dangote Refinery is seen on the global energy market. Vortexa energy intelligence has suggested that petroleum imports into Nigeria are poised to witness an 8-year low, thereby affecting European refiners who have been primarily selling in Nigeria.

Further evidence from S&P Global indicates that Nigeria has become a net exporter of jet fuel, naphtha (a solvent in varnishes, laundry soaps, and cleaning fluids), and fuel oil.

Dangote views the refinery as part of a broader vision to build Nigeria-a top crude oil producer in the world into a major refined petroleum products producer that can compete with the refineries in Europe while supplying gasoline to the Nigerian consumers.

It was an impetus to an industrial blueprint for Africa,” the man says to Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not foreign investment.” Indeed, Africa has long been “a mere dumping ground for finished products,” and his refinery now becomes “the pivotal step to ensure that Africa will refine its crude oil, thus having the wealth and prosperity generated over its huge population.”

Speaking of the refinery, Dangote disclosed that it was the largest risk of his life, and if it failed, it would have affected him deeply.

“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”

According to Forbes, Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, said the Nigerians have come to regard Dangote as a hero and a true industrialist transforming the nation.

“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.