The net worth of Africa’s richest man, Aliko Dangote, has risen to $34 billion.
The increase represents a $216 million daily gain (+0.6%) and brings his year-to-date wealth growth to $34 billion, or 13.3 per cent, showing sustained investor confidence in assets tied to his conglomerate, Dangote Industries.
According to the latest update on the Bloomberg Billionaires Index, the latest valuation places the billionaire firmly at the top of Africa’s wealth rankings, driven largely by the performance of his core holdings in cement, oil refining, and fertiliser production.
At the centre of Dangote’s wealth portfolio is the Dangote Oil Refinery, Africa’s largest refining facility, which began operations in early 2024 after more than a decade of construction. Bloomberg estimates his 92.3 per cent stake in the refinery at about $20 billion, based on its reported development cost and capacity profile.
The refinery is expected to significantly reshape Africa’s downstream petroleum market, reducing reliance on imported refined fuel products while positioning Dangote Industries as a major regional energy supplier.
Beyond oil, Dangote’s stake in Dangote Cement, the continent’s largest cement producer, remains a key contributor to his fortune. He holds an estimated 86% ownership in the publicly listed company, alongside significant stakes in Dangote Sugar, Nascon Allied Industries, and other industrial subsidiaries listed on the Nigerian Exchange.
His broader portfolio also includes a large-scale fertiliser plant with capacity to produce up to 2.8 million tonnes of urea annually, alongside operations in food processing, salt, packaging, and agriculture. These assets are valued using a mix of investment cost benchmarks and independent valuation models.
Dangote’s wealth structure also includes privately held businesses and real estate assets in Lagos, valued using rental income and capitalisation-based assessments, in addition to cash holdings in naira and US dollars.
