Aliko Dangote, the African billionaire and prominent businessman, saw his net worth surge by $15.1 billion to reach an impressive $27.8 billion as of Wednesday. This significant increase follows the recent commencement of operations at his $20 billion refinery in Lagos State, which is now recognized as the largest on the continent.
Initially valued at $12.8 billion, Dangote’s wealth leap places him at the top of the Bloomberg Billionaires Index, showcasing the most substantial wealth gain among 500 billionaires tracked by the outlet. The refinery, touted as the world’s largest single-train facility, processes various crude oils and is expected to reduce Nigeria’s reliance on fuel imports, which has long hampered the country’s economy.
During a recent visit to New York, Dangote shared insights about the formidable challenges he encountered while developing the refinery. He mentioned facing opposition from local communities and environmental concerns, stating, “I didn’t know what we were building was a monster,” and added that he wouldn’t wish such an experience on anyone.
The refinery project took 11 years to complete, significantly longer than originally anticipated, due to various regulatory hurdles and disruptions caused by the COVID-19 pandemic.
According to Bloomberg’s latest report, Dangote ranks as the 65th richest person globally and remains the wealthiest individual in Africa. His previous highest net worth was recorded at $25.7 billion in July 2014. In addition to his refinery, Dangote’s business portfolio includes operations in sugar, salt, oil, fertilizer, and packaged foods.
