Nigerian business magnate Aliko Dangote has seen his net worth nearly double, soaring to an astounding $23.9 billion, as reported by Forbes.
This remarkable increase places the Nigerian entrepreneur as Africa's wealthiest individual and the 86th richest person globally.
Just a year ago, Forbes had ranked Dangote at 144th in the world with a net worth of $13.4 billion. The significant growth in his wealth is primarily due to his 92.3% ownership in the Dangote Petroleum Refinery & Petrochemicals.
At the age of 67, Dangote has made a comeback to the top 100 list for the first time since 2018, according to the Forbes Real-Time Billionaires List.
His closest competitor in Africa, Johann Rupert from South Africa, is positioned at 161st with an estimated fortune of $14.4 billion. Another Nigerian billionaire, Mike Adenuga, is ranked 481st with $6.8 billion.
The surge in Dangote’s wealth is fueled by the operational launch of his monumental $23 billion petroleum refinery—Africa’s largest and one of the largest in the world. Located on 6,200 acres in the Lekki Free Zone, Lagos, the facility has the capacity to process up to 650,000 barrels of crude oil daily, making it the seventh largest globally. Additionally, it features a petrochemical complex that can produce 3 million metric tons of urea each year, establishing it as Africa’s leading fertilizer producer.
Dangote stated that the refinery is part of an ambitious vision to industrialize Africa. “We must build our nation ourselves. We need to develop our continent independently, without depending on foreign investments,” he expressed to Forbes.