Dangote Gains $1.2bn, Inches Closer to Historic $30bn Net Worth as Refinery Boosts Valuation
- Nigeria’s Aliko Dangote, Africa’s richest man, is on the cusp of history as his net worth soars to a new record
- The billionaire’s new worth surged following the commencement of his 650,000 bpd-capacity refinery
- Experts have said the industrialist is on the verge of becoming the first African to hit the $30 billion mark
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Africa’s richest man, Aliko Dangote, has added $1.20 billion to his fortune this year, positioning him within touching distance of becoming the first African to hit a $30 billion net worth.
Bloomberg’s Billionaires Index currently values the Nigerian industrialist at $29.3 billion, up from $28.1 billion at the start of 2024.
Source: Getty Images
Roller-coaster wealth journey
The sharp rise has reignited speculation about whether Dangote will break the symbolic $30 billion ceiling—a feat that would cement his place in history as the first African billionaire to reach the mark.
Dangote’s billionaire status has been far from stable in 2024. In April, Bloomberg’s data showed only a modest year-to-date increase of $153 million, while by mid-year, his wealth appeared to have slipped by $400 million.
Now, however, a combination of market momentum, rising stock values, and optimism around his refinery business has triggered a rebound, boosting his net worth sharply over the past two months.
Cement, sugar, and the refinery effect
The bulk of Dangote’s visible wealth stems from his stakes in publicly traded firms.
Dangote Cement is currently valued at $5.54 billion, Dangote Sugar at $357 million, NASCON at $117 million, and United Bank for Africa shares worth about $484,000.
The $1.20 billion surge has largely been attributed to the strong performance of these companies on the Nigerian Exchange.
Analysts credit solid earnings reports, renewed investor confidence, and improving macroeconomic signals for the positive trend.
But behind the scenes, one massive project looms larger than the rest: the $20 billion Dangote Petroleum Refinery in Lekki.
Though privately held, the refinery’s output and export potential have boosted investor confidence, prompting analysts to revalue Dangote’s empire.
Could $30 billion come this year?
With his net worth standing at $29.3 billion, Dangote needs less than $700 million in gains to cross the $30 billion threshold. Market watchers say it is not only possible but increasingly likely in the short term.
Source: Getty Images
Recent trading activity has shown that Dangote’s companies can swing by hundreds of millions of dollars in a single day, meaning the milestone could be reached in weeks rather than months—especially if optimism about the refinery translates into stronger market valuations.
Dangote consolidates his position in Africa
A previous report by Legit.ng disclosed that Africa’s richest man, Aliko Dangote, has seen his wealth skyrocket to $29.3 billion as of August 5, 2025, according to the Bloomberg Billionaires Index.
Dangote’s latest fortune boost comes largely from the long-anticipated Dangote Oil Refinery, which officially began operations in early 2024.
The 68-year-old billionaire owns a 92.3% stake in the $20 billion mega facility, making it his single largest asset
More than a number
Beyond personal prestige, Dangote’s rise has symbolic weight for Africa’s business landscape.
Crossing the $30 billion mark would not just underline his dominance in cement, sugar, and oil; it would also showcase the potential of African-owned enterprises to create globally recognised wealth.
For now, the world is watching to see whether the man who built one of the continent’s most influential business empires will make history as Africa’s first $30 billion man.
Dangote names his most profitable business
Legit.ng earlier reported that Aliko Dangote, the president of the Dangote Group, has blamed Nigeria's industrialisation difficulties on the country's erratic electrical supply.
Due to the steady supply of electricity in Western nations, Dangote said that operating a business overseas is 30% less expensive than doing so in Nigeria and other African nations.
The wealthiest man in Africa made this claim recently when he hosted Zambian Energy Minister Makozo Chikote at the Dangote refinery in Lekki, Lagos State.
Source: Legit.ng
