Dangote’s Net Worth Almost Doubles in One Year from $12.9bn to $23.9bn, Forbes Says

Aliko Dangote, Africa’s richest man, has seen a remarkable increase in his fortune, climbing to $23.9 billion in net worth, according to Forbes.

 This marks an 85.27 percent rise—an $11 billion increase from the $12.9 billion reported in February 2023. 

Forbes attributed Dangote’s growing wealth to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. 

The 650,000 barrels-per-day (bpd) facility began processing crude oil into products such as diesel, naphtha, and jet fuel in January 2024, with petrol production following nine months later. 

Since then, the refinery has been scaling up operations, receiving about 24 million barrels of Nigerian crude oil in October and November 2023. It is also set to receive up to 12 million barrels from the United States. On February 10, the refinery announced plans to reach full operational capacity within 30 days. 

Meanwhile, Forbes’ global billionaire rankings placed Tesla CEO Elon Musk at the top with a fortune of $393.2 billion. Meta co-founder Mark Zuckerberg followed with $247.2 billion, while Amazon’s Jeff Bezos secured the third spot at $240.1 billion. 

Dangote’s rising wealth underscores his significant influence in Africa’s energy sector and beyond.

Melissa Enoch

Follow us on: