Africa’s richest man and President of Dangote Industries Limited (DIL), Aliko Dangote, has achieved a historic milestone, becoming the first African to reach a net worth of $30 billion, according to the latest Bloomberg Billionaires Index released on Friday.
The new ranking shows that Dangote’s fortune jumped by $2.25 billion, bringing his total net worth to $30.3 billion as of October 24, 2025. This catapults him to the 75th position globally, while maintaining his title as the only African among the world’s top 100 billionaires.
The billionaire’s growing wealth is attributed to his massive business expansion across Africa — particularly in cement production and oil refining, the two cornerstones of the Dangote empire.
Earlier this month, Dangote Cement launched a new plant in Attingué, Côte d’Ivoire, spanning 50 hectares with an annual production capacity of 3 million tonnes. The $400 million project, one of Dangote’s largest outside Nigeria, strengthens his vision of deepening Africa’s self-reliance in industrial production and reducing import dependence.
Back home, Dangote’s 650,000-barrel-per-day oil refinery in Lagos has been the biggest catalyst for his rising fortune. Commissioned in May 2023 and touted as Africa’s largest industrial complex, the refinery began diesel production in January 2024 and petrol output by September after resolving crude supply challenges.
The refinery has been widely described as a game-changer for Nigeria’s energy stability, with the potential to end decades of fuel import dependence and strengthen the naira through reduced foreign exchange outflows.
In a recent statement, Dangote revealed plans to list the refinery on the Nigerian Exchange (NGX) within the next year, offering between 5% and 10% of its shares to the public. The move will allow both Nigerians and institutional investors to own a stake in what could become one of Africa’s most valuable listed companies.
Dangote also hinted that the Nigerian National Petroleum Company Limited (NNPC), which currently owns 7.2%, could increase its equity stake as the refinery expands.
The refinery’s next phase aims to scale production to 1.4 million barrels per day, surpassing India’s Jamnagar Refinery — currently the world’s largest — with a 1.36 million bpd capacity.
However, Dangote’s growing dominance has drawn mixed reactions. Some industry players warn that his aggressive expansion could “create a monopoly in disguise,” potentially affecting smaller downstream operators.
Despite the criticism, analysts say Dangote’s feat underscores Africa’s industrial awakening, showcasing the power of indigenous entrepreneurship to compete globally.
With this latest achievement, Aliko Dangote not only reaffirms his place as Africa’s richest man but also cements his legacy as a trailblazer redefining the continent’s economic future.
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