{"id":4788,"date":"2025-02-19T06:41:22","date_gmt":"2025-02-19T06:41:22","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=4788"},"modified":"2025-02-19T06:41:22","modified_gmt":"2025-02-19T06:41:22","slug":"aliko-dangote-soars-on-forbes-now-wealthiest-african-86th-richest-man-globally","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2025\/02\/19\/aliko-dangote-soars-on-forbes-now-wealthiest-african-86th-richest-man-globally\/","title":{"rendered":"Aliko Dangote soars on Forbes, now wealthiest African, 86th richest man globally\u00a0"},"content":{"rendered":"

\"\"<\/p>\n

Dangote<\/p>\n

By publisher<\/p>\n

Kindly share:<\/p>\n

Aliko Dangote, the foremost Nigerian entrepreneur, has soared in his wealth, nearly doubling to $23.9 billion, according to Forbes.<\/p>\n

He has thus kept to the top position as the wealthiest person in Africa and the 86th richest man in the world.<\/p><\/div>\n

<\/div>\n
In 2024, Forbes had him at 144th in the world with $13.4 billion.<\/p>\n

Forbes attributes Dangote\u2019s net worth primarily to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote re-enters the top 100 richest individuals worldwide, a spot he hasn\u2019t held since 2018,\u00a0according to the Forbes Real-Time Billionaires List.<\/p>\n

This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.<\/p>\n

Dangote disrupted the government\u2019s oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year.<\/p>\n

Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b\/d), making it the seventh-largest refinery in the world and the largest in Africa.<\/p>\n

Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of three million metric tons of urea, making it Africa\u2019s largest fertiliser producer.<\/p>\n

The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa.<\/p>\n

Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.<\/p>\n

Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.<\/p>\n

\u201cI want to provide a blueprint for industrialisation across Africa,\u201d Dangote says in an interview with Forbes. \u201cWe have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.\u201d He believes Africa has long been \u201ca mere dumping ground for finished products,\u201d and his refinery represents \u201ca pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.\u201d<\/p>\n

Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.<\/p>\n

\u201cIt was the biggest risk of my life,\u201d says Dangote about his decision to embark on the project. \u201cIf this didn\u2019t work, I was dead.\u201d<\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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