Faith Nyasuguta
Aliko Dangote has risen to become the 85th-wealthiest person in the world, with a staggering net worth of $23.9 billion, according to Forbes. This significant leap comes after the successful operational launch of the Dangote Petroleum Refinery in Lagos, marking a pivotal moment in both his career and Africa’s industrial landscape.
The Nigerian billionaire, who previously ranked 144th in 2024, made an extraordinary jump to 86th in 2025 and now sits comfortably at 85th. This remarkable growth is attributed to the Dangote Refinery’s commencement of operations, which has propelled his wealth by $10.5 billion, a 78.4% increase from last year’s $13.4 billion.
Dangote holds a dominant 92.3% stake in the refinery, which has been a game-changer not only for his financial standing but also for Nigeria’s oil sector. At 67, Dangote re-enters the ranks of the world’s top 100 billionaires for the first time since 2018, making history as the only African currently on the list.
The Dangote Petroleum Refinery, located in Lagos, boasts a massive processing capacity of 650,000 barrels per day, making it the largest in Africa and the seventh-largest globally.
Its launch has significantly disrupted Nigeria’s longstanding oil monopoly and challenged entrenched interests within the so-called “oil mafia.” More importantly, it has strengthened Nigeria’s energy independence, leading to the country’s lowest petrol import levels in eight years.
The refinery’s impact extends beyond Nigeria’s borders. It recently secured a deal to export two cargoes of aviation fuel to Saudi Arabia, marking its entry into the global energy market. This milestone underscores the refinery’s growing influence in reshaping energy dynamics, both locally and internationally.
In Africa’s billionaire rankings, South African mogul Johann Rupert trails Dangote at 164th globally with a net worth of $14.2 billion, followed by Nicky Oppenheimer and family in 288th place with $9.5 billion.
Reflecting on his journey, Dangote told Forbes, “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment.” He described the refinery as “the biggest risk of my life,” highlighting the immense stakes involved.
Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, noted Dangote’s transformative impact, calling him a “true industrialist” who has become a symbol of hope and progress for many Nigerians and Africans.
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