Africa’s richest man, Aliko Dangote, has reached a historic milestone — becoming the first African ever to hit a $30 billion net worth, according to Bloomberg’s Billionaires Index as of October 23, 2025.
The Nigerian industrialist’s fortune rose by $2.16 billion since January, driven by a recent $430 million boost in asset valuation.
Just days before the update, Dangote’s wealth stood at $29.8 billion — a mere $200 million short of the mark.
His climb reflects the expanding footprint of the Dangote Group, powered by major investments across cement, fertilizer, and energy.
Empire Expansion Across Africa
A key driver of this leap was the completion of Dangote Cement’s $160 million plant in Attingué, near Abidjan, Côte d’Ivoire.
Built on a 50-hectare site, the facility can produce three million metric tonnes annually, making it one of the group’s largest plants outside Nigeria.
With this addition, Dangote Cement’s total installed capacity now exceeds 55 million tonnes across 11 African countries — from Senegal and Tanzania to Zambia and Ghana.
Beyond cement, Dangote is rapidly expanding his oil refining ambitions. He recently announced plans to raise capacity at his Lekki refinery to 1.4 million barrels per day, surpassing India’s Jamnagar Refinery — the current world leader with 1.36 million barrels daily.
IPO Could Push Dangote Toward $100 Billion
Industry sources reveal that Dangote is preparing to list between 5% and 10% of the refinery’s shares on the Nigerian Exchange (NGX) next year.
Analysts predict the IPO could value the refinery between $50 billion and $70 billion.
If those numbers hold, Dangote’s controlling stake alone could be worth as much as $49 billion — enough to catapult him into the global billionaire elite alongside Elon Musk, Jeff Bezos, and Warren Buffett.
His 650,000-barrel-a-day refinery in the Lekki Free Zone remains the world’s largest single-train refining facility.
It is already capable of meeting Nigeria’s entire domestic fuel demand and exporting surplus products across West Africa.
From Cement to Crude — The Long Climb
Dangote’s fortune has seen dizzying swings in recent years. After commissioning his $20 billion refinery in May 2023, his net worth jumped to $20.4 billion, placing him 81st on the global list.
By the start of 2024, he briefly fell behind South Africa’s Johann Rupert, who overtook him with $10.3 billion, but Dangote roared back within weeks — regaining the top spot in Africa.
By late 2024, despite a brief slump to $13 billion, he closed the year at $27.8 billion. His wealth hit $29.3 billion by August 2025, before finally crossing the $30 billion line in October.
Now, with a potential IPO ahead and oil production scaling up, financial analysts say Dangote could soon become Africa’s first $100 billion man — a leap that would redefine the continent’s industrial and financial map.
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