Dangote doubles wealth following oil refinery launch
By Tosin Brown
Aliko Dangote, president of Dangote Industries Limited (DIL), has seen his wealth soar to a record $27.8 billion, effectively doubling his net worth in the wake of the commencement of operations at his multibillion-dollar oil refinery.
According to the Bloomberg Billionaires Index, Dangote’s net worth increased by $15.1 billion as of October 18, catapulting him into the 65th position globally, making him the only African in the top 100.
This significant financial leap places Dangote over 100 spots ahead of South African billionaire Johann Rupert, who now ranks 174th. Rupert briefly surpassed Dangote as the richest African but has since fallen to the second position.
Dangote’s recent wealth surge has pushed him up the index by more than 40 places since June 30, 2023, when he was positioned 111th.
The remarkable increase in his net worth comes more than a year after the inauguration of his oil refinery in May 2023, a project that marks a significant milestone in Nigeria’s oil industry.