Africa’s richest man, Aliko Dangote, has reached a new financial milestone, with his fortune soaring past the $30 billion mark, according to the latest Bloomberg Billionaires Index released on Friday.
The president of Dangote Industries Limited (DIL) saw his wealth rise by $2.25 billion to $30.3 billion as of October 24, propelling him to 75th place globally and solidifying his status as the only African and black man among the world’s top 100 billionaires.
This remarkable achievement comes on the heels of a series of strategic industrial expansions across Africa. Earlier this month, Dangote Cement — a flagship subsidiary of the group — commissioned a new $400 million cement plant in Attingué, Côte d’Ivoire, boasting a production capacity of 3 million tonnes per year. Spanning 50 hectares, it stands as one of the conglomerate’s largest facilities outside Nigeria, further entrenching Dangote’s dominance in the continent’s construction materials market.
At home, the billionaire’s $19 billion oil refinery in Ibeju-Lekki, Lagos, continues to redefine Nigeria’s energy sector. The 650,000-barrel-per-day facility — Africa’s largest refinery — began producing diesel in January 2024 and commenced petrol refining in September after overcoming months of crude supply bottlenecks.
Dangote recently revealed plans to list 5–10% of the refinery’s shares on the Nigerian Exchange (NGX) within the next year, a move aimed at deepening investor participation and mirroring the successful public listings of Dangote Cement and Dangote Sugar Refinery.
In addition, the group announced an ambitious plan to expand refinery output to 1.4 million barrels per day, which would surpass the world’s largest refinery in Jamnagar, India.
Despite the celebration of his industrial success, Dangote’s growing influence in Nigeria’s downstream oil sector has sparked unease among industry players. His company’s nationwide fuel distribution initiative, launched in June with a fleet of 4,000 CNG-powered tankers, has been met with resistance from major marketers.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that Dangote’s forward integration strategy could tilt the market towards monopoly, potentially leading to widespread job losses in the sector.
Still, Dangote’s record-breaking fortune and bold expansion moves underscore his relentless drive to transform Africa’s industrial landscape, one sector at a time.