Aliko Dangote, Africa’s richest man and President of the Dangote Group, has seen his net worth rise to $30.2 billion, according to the Bloomberg Billionaires Index. This represents a year-to-date increase of $2.25 billion, largely driven by gains in his cement, oil, and fertiliser businesses.
Dangote’s wealth boost has propelled him to the 75th spot on the list of the world’s richest individuals. The Dangote Group’s diverse portfolio includes Dangote Cement Plc, the largest cement producer in sub-Saharan Africa, and the Dangote Oil Refinery, Africa’s biggest oil refining complex. The refinery, valued at $20 billion, remains Dangote’s most valuable asset, with him holding a 92.3% stake.
The Dangote Oil Refinery, which began operations in early 2024, has been instrumental in the recent surge in Dangote’s net worth. His fortune is closely tied to his Lagos-based conglomerate, Dangote Industries Limited, which has stakes in multiple listed and private companies across various sectors.
The Dangote Group has recently expanded its investment in Africa with the launch of a $2.5 billion joint urea fertiliser plant in Gode, Ethiopia. This project, a partnership between the Dangote Group and the Ethiopian Investment Holdings, aims to produce three million metric tons of fertiliser per annum. Dangote believes this project will help make Ethiopia the largest agricultural nation in Africa.
The significant investment in Ethiopia’s fertiliser sector is expected to have a profound impact on the country’s agricultural industry. As the Dangote Group continues to diversify its portfolio and expand its operations across Africa, its founder’s net worth is likely to remain a topic of interest. With his business interests spanning multiple sectors, Dangote’s influence on Africa’s economic landscape is substantial. The latest development in his net worth serves as a testament to his group’s growing presence in the region.
