Africa’s richest, and perhaps, humblest man, Aliko Dangote, is inching closer to a bigger league of billionaires—joining the elite ranks of individuals worth $30 billion and above.
His latest net worth, according to the Bloomberg Billionaires Index, now stands at $29.3 billion.per
That’s a leap of over $1.2 billion this year alone.
The billionaire’s recent decision to step down as chairman of Dangote Cement seems to have paid off.
He’s now laser-focused on his $20 billion oil and petrochemical empire—the Dangote Refinery.
“The refinery is our priority now,” Dangote said recently, after announcing plans to list the facility on the stock market.
Shares and Earnings Push Wealth Higher
Much of Dangote’s fortune lies in his refinery, where he holds a 92.3% stake.
But what’s driving his net worth higher are gains from his public companies—Dangote Cement and Dangote Sugar.
Shares in Dangote Cement are up 20.5% this year, while Dangote Sugar has soared over 90%.
These gains are backed by strong earnings.
Dangote Cement earned ₦2.07 trillion in the first half of 2025—a 17.7% rise from last year.
Its after-tax profit more than doubled to ₦520.46 billion.
Dangote Sugar also saw its revenue jump 45.5% to ₦430.21 billion, with heavy losses cut down sharply.
Refinery Gears Up with New CEO, IPO Plans
As the Dangote Refinery nears full-scale production, a major change is underway.
British energy veteran David Bird has been appointed as its new CEO.
Bird previously led OQ8 in Oman and held senior roles at Shell, including VP of Australia’s $12 billion Prelude LNG project.
His entry comes at a pivotal moment, as Dangote confirmed plans to take the refinery public during the Global Commodity Insights Conference in Abuja.
Going public could draw in sovereign wealth funds, institutional capital, and everyday investors.
But Dangote insists it’s about more than money: “It’s time to widen the circle of ownership in Africa’s energy future.”
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