Aliko Dangote’s Net Worth Hits $29 Billion as Cement and Refinery Profits Surge
- Aliko Dangote’s net worth has surged both globally and in Africa after rebounding from a mid-August cut
- Newest data put the billionaire’s wealth at $29 billion, after gaining $300 million in September alone
- His wealth comes mostly from holdings in Dangote Cement, refinery operations and other assets
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Africa’s richest man Aliko Dangote’s wealth has rebounded a few weeks after experiencing a sharp drop
Data from the Bloomberg Billionaire Index shows that the Nigerian industrialist’s fortune surged to $29 billion, driven by gains in cement and refinery operations.
Source: Getty Images
Dangote eyes $30 billion net worth
The rebound put the billionaire near $30 billion mark, reversing a slump in August that cut his net worth to $28.7 billion after market fluctuations in his companies.
According to reports, since early September, Dangote’s wealth has gained about $300 million.
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Analysis shows that the rebound has been due to Dangote Cement, where he maintains 87.45% stakes.
Dangote Cement’s shares surge
The cement firm’s market cap hit above $5.8 billion, which values Dangote’s wealth at about $5.18 billion.
In its report for the first half year, the cement company’s revenue rose to N2.07 trillion, up 17.7% per year, while profit after tax more than doubled to N520.46 billion.
Aliko Dangote's net worth has soared to an estimated $29 billion, solidifying his position as Africa's wealthiest individual.
This remarkable growth is fueled by the expansion of his diversified empire, particularly his cement operations and the burgeoning success of the Dangote Refinery.
His personal assets also include substantial real estate in Lagos ($148 million), land in the Lekki Free Trade Zone ($100 million), a private jet fleet ($76 million), and cash reserves of $744 million.
Dangote Refinery: A game-changer for Nigeria
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The Dangote Refinery, Africa's largest, has rapidly become a cornerstone of his business.
Since commencing production in September 2024, it has delivered petrol to 11 Nigerian states and exported over 1.1 billion litres to international buyers.
This achievement was highlighted by The Electricity Hub, reporting record petrol exports within three months of the refinery's first anniversary.
This milestone underscores its critical role in addressing Nigeria's persistent fuel shortages and boosting foreign exchange earnings.
Aliko Dangote, president and CEO, confirmed this success at a recent conference, stating that the refinery's operations have effectively ended nearly five decades of recurring fuel queues nationwide.
He emphasised the refinery's consistent domestic supply and growing international presence.
This month alone, the refinery sent two more gasoline cargoes to the U.S. after its initial shipment: one sold by Glencore to Shell, arriving in New York Harbour on September 19, and another purchased by Vitol from Mocoh, which docked on September 22.
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Regulatory disputes and Labour unrest
Despite its rapid growth, the refinery has faced challenges. On September 27, it temporarily suspended some Nigerian workers over alleged sabotage and halted petrol sales in naira due to regulatory disputes.
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While the latter decision was reversed after government intervention, these actions sparked worker protests concerning job security and conditions, briefly disrupting operations and highlighting the delicate balance within Nigeria's downstream sector.
Strategic alliances and future expansion
To enhance efficiency and distribution, Dangote has pursued strategic acquisitions and investments.
His half-brother, Sayyu Dantata, through MRS Holdings, has played a pivotal role in logistics and retail expansion, establishing MRS as a key partner in nationwide fuel delivery.
Africa's unchallenged wealth leader
Dangote maintains a significant lead over other African billionaires, including South Africa's Johann Rupert ($17.1 billion) and Nicky Oppenheimer ($13.2 billion).
His expansive empire, encompassing cement, sugar, fertiliser, and energy, continues its trajectory of growth even as the refinery navigates regulatory and labour headwinds.
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Dangote Refinery, NNPC sign fresh crude deal
Legit.ng earlier reported that The Nigerian National Petroleum Company Limited (NNPC) has renewed its partnership with the Dangote Petroleum Refinery through a fresh two-year crude oil supply agreement.
The deal, signed in August, ensures a steady allocation of crude oil to the 650,000-barrel-per-day facility in Lekki, Lagos, through 2027.
The agreement reinforces the Federal Government’s Crude-for-Naira Initiative, aimed at guaranteeing domestic energy security while reducing reliance on imported feedstock.
Source: Legit.ng
