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A few weeks after a sharp dip, Africa’s richest man, Aliko Dangote, has seen his fortune rebound to $29 billion, according to the Bloomberg Billionaires Index, driven by gains in cement and refinery operations despite mounting domestic pressures.
The recovery puts him within reach of the $30 billion mark, reversing a mid-August slide that cut his wealth to $28.7 billion after market fluctuations in his publicly listed holdings. Since early September, his fortune has gained about $300 million.
The rebound has been driven largely by Dangote Cement, where the billionaire controls 87.45 percent of shares. The company’s market value has risen above $5.8 billion, valuing Dangote’s stake at about $5.18 billion.
In its recent H1 2025 results, the cement giant reported revenue of ₦2.07 trillion ($1.35 billion), up 17.7 percent year-on-year, while profit after tax more than doubled to ₦520.46 billion ($340.27 million).
However, much of Dangote’s wealth also rests in private ventures, including his $20 billion oil refinery, valued at $18.6 billion. His fertilizer operations are worth $3.02 billion, while oil mining licenses OML 71 and 72 add $497 million.
Other assets include Lagos real estate ($148 million), Lekki Free Trade Zone land ($100 million), a private jet fleet ($76 million), and cash reserves of about $744 million.
The Dangote Refinery, Africa’s largest, has quickly become a central pillar of his empire. Since production began in September 2024, it has delivered petrol to 11 Nigerian states and shipped over 1.1 billion liters to both local and international buyers.
According to The Electricity Hub, the refinery’s petrol exports hit a record 1.1 billion liters within three months, coinciding with its first anniversary of production. The milestone underscores its role in tackling long-standing fuel shortages and boosting Nigeria’s foreign exchange earnings.
Aliko Dangote, president and CEO of the refinery, confirmed the achievement at a Monday conference, stressing that operations have effectively ended nearly 50 years of recurring fuel queues nationwide. He noted that since production began, the refinery has consistently supplied the domestic market while also building a presence abroad.
Its first gasoline cargo to the U.S. was followed this month by two more: one sold by Glencore to Shell, which arrived in New York Harbor aboard the MH Daisen on September 19, and another purchased by Vitol from Mocoh, which docked aboard the Seaexplorer on September 22.
Regulatory Disputes and Labour Unrest
The momentum has come despite turbulence. On September 27, the refinery suspended some Nigerian workers over alleged sabotage and also halted petrol sales in naira amid regulatory disputes, a decision it later reversed following government intervention.
The twin moves sparked worker protests over job security and conditions, briefly disrupting operations and underscoring the fragile balance in Nigeria’s downstream sector.
Strategic Expansions and Dantata’s Role
Dangote has pursued acquisitions and investments to shore up efficiency and distribution. His half-brother, Sayyu Dantata, through MRS Holdings, has been instrumental in logistics and retail expansion, cementing MRS as the refinery’s key partner in delivering fuel nationwide.
Africa’s Wealth Leader
Dangote remains Africa’s wealthiest individual, well ahead of South Africa’s Johann Rupert ($17.1 billion) and Nicky Oppenheimer ($13.2 billion). His diversified empire, spanning cement, sugar, fertilizer, and energy; continues to grow even as the refinery faces regulatory and labour headwinds.
