Dangote’s net worth hits $30.3B, climbs to 75th richest globally
Aliko Dangote, the president of the Dangote Industries Limited (DIL), has reached a new milestone, as the billionaire’s net worth hit the $30 billion mark on Friday.
According to the Bloomberg Billionaires Index, Dangote’s net worth increased by $2.25 billion to $30.3 billion as at October 24.
The billionaire businessman moved up to the 75th position, making him the only African on the top 100 billionaires’ list.
The feat comes two weeks after Dangote Cement officially launched its operations in Attingué, Côte d’Ivoire. The plant has a production capacity of 3 million tonnes of cement per year.
While the plant expands the industrialist’s assets, Dangote’s multibillion-dollar oil refinery in Nigeria has also become operational.
The 650,000 barrel-per-day (bpd) plant began diesel production on January 12, 2024, and petrol production on September 3.
On October 22, the Dangote Group president said the refinery “plans to list” on the Nigerian Exchange (NGX), “selling 5 percent to 10 percent of its stake within the next year.”
Dangote said the move would “mirror the approach adopted for his local cement plant and Dangote Sugar Refinery.”
He said the Nigerian National Petroleum Company (NNPC) Limited “could increase its stake in the refinery after reducing it to 7.2 percent, but not until the next phase of the project’s growth is fully underway.”
The refinery also announced plans to increase output to 1.4 million bpd.
However, the refinery’s recent expansionary moves have caused concern. After acquiring 4,000 new compressed natural gas (CNG)-powered tankers for a nationwide fuel distribution scheme in June, the plan was “repelled by major industry players.”
On June 16, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the refinery’s forward integration adoption could lead to a “monopoly in disguise,” also posing a “significant job loss threat to Nigeria.”
