Dangote makes history as first African to hit $30bn net worth

…Rises to 75th on Bloomberg Billionaires Index as refinery, cement expansion drive growth

Africa’s richest man and President of Dangote Industries Limited (DIL), Aliko Dangote, has reached a new milestone, becoming the first African to attain a net worth of $30 billion, according to the latest Bloomberg Billionaires Index released on Friday.

Bloomberg data shows that Dangote’s fortune rose by $2.25 billion, pushing his total net worth to $30.3 billion as of October 24, 2025. This leap places him in the 75th position globally, and he remains the only African among the world’s top 100 billionaires.

The surge in Dangote’s wealth follows a series of strategic business expansions across Africa — notably in cement production and oil refining, two of the most significant pillars of the Dangote Group’s industrial empire.

Earlier this month, Dangote Cement, a major subsidiary of the group, inaugurated a new cement plant in Attingué, Côte d’Ivoire. The plant, which spans 50 hectares with a production capacity of 3 million tonnes per annum, ranks among the conglomerate’s largest facilities outside Nigeria.

The project underscores Dangote’s ongoing strategy to deepen industrial integration across Africa while reducing import dependence and boosting regional trade.

In Nigeria, Dangote’s 650,000-barrel-per-day (bpd) oil refinery, inaugurated in May 2023, has emerged as a key driver of his wealth. Located on 2,635 hectares in the Lekki Free Zone, Lagos, the refinery began diesel production in January 2024, followed by petrol production in September, after overcoming initial crude supply challenges.

The refinery—hailed as Africa’s largest industrial complex—has been described as a game-changer for Nigeria’s energy security and foreign exchange stability.

On October 22, Dangote revealed plans to list the refinery on the Nigerian Exchange (NGX), offering between 5% and 10% of its shares to investors within the next year. He said the move mirrors similar listings by Dangote Cement and Dangote Sugar Refinery, giving Nigerians and institutional investors a stake in the multibillion-dollar venture.

He also disclosed that the Nigerian National Petroleum Company Limited (NNPC), which currently holds a 7.2% stake, may expand its equity participation once the refinery’s next phase of growth begins.

Looking ahead, Dangote Refinery has announced plans to scale production to 1.4 million bpd, which would surpass the world’s largest refinery in Jamnagar, India, with a current capacity of 1.36 million bpd.

However, the refinery’s rapid expansion has stirred debate within Nigeria’s downstream sector. Industry groups, including the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have expressed concerns that Dangote’s forward integration strategy could create a “monopoly in disguise” and potentially threaten jobs within the petroleum distribution network.

In June, the refinery launched a nationwide fuel distribution initiative, acquiring 4,000 compressed natural gas (CNG)-powered tankers to support efficient delivery across the country.

Despite the controversy, analysts say Dangote’s dominance reflects Africa’s growing industrial capacity and highlights the potential of indigenous entrepreneurship in reshaping global markets.

With his latest milestone, Aliko Dangote not only reinforces his position as Africa’s wealthiest individual but also cements his legacy as a symbol of industrial ambition and economic transformation across the continent.

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