Popular businessman Aliko Dangote is edging closer to another historic milestone, days after his wealth was estimated at almost $29 billion.
Recall that updated figures from the Bloomberg Billionaires Index show that Aliko’s worth has grown to $29.3 billion, getting him closer to setting a record as the 1st African to be worth $30 billion.
The updated estimate is coming as Dangote’s life is taking a different turn. He recently quit his role as chairman of Dangote Cement Plc, his flagship company, to focus completely on his $20 billion Dangote Petroleum Refinery and Petrochemicals.
His wealth has kept rising since the decision was made public, growing from under $28 billion last week to its present level.
His recent financial growth is mostly connected to the commendable performance of his publicly traded companies, especially Dangote Cement, which is Africa’s biggest cement producer.
According to Bloomberg, Aliko’s fortune has increased by $1.23 billion in 2025 thus far, making him one of the very few billionaires to enjoy such a massive boost this year.
Other prominent names on that list are Egypt’s Naguib Sawiris, whose net worth rose by $1.88 billion in 2025, and South Africa’s Johann Rupert, who has gained $1.44 billion.
However, Dangote remains firmly in the lead and is now ranked the 72nd richest person in the world.
Even though the majority of his wealth is tied up in the refinery, where Dangote holds a 92.3 per cent stake, he has his shares in Dangote Cement and Dangote Sugar Refinery to thank for the rise in his fortune.
Shares in Dangote Cement have gained 20.5 per cent in 2025, while Dangote Sugar Refinery has risen more than 90 per cent.
Company Income has aided the market enthusiasm. Dangote Cement attracted a revenue of N2.07 trillion ($1.35 billion) in the first half of 2025, up 17.7 per cent from a year earlier. Profit after tax more than doubled to N520.46 billion ($340.27 million).
Dangote Sugar, which struggled in 2024, turned in a 45.5 per cent rise in revenue to N430.21 billion ($281.66 million), and its losses reduced drastically, amid a higher demand and enhanced cost management.
As Dangote’s refinery edges closer to full-scale operation, Aliko is set to unveil fresh leadership to take charge of the mega facility.
Popular British executive David Bird was recently appointed CEO of Dangote Petroleum Refinery and Petrochemicals.
David guarantees years of experience in global energy, having led OQ8 – a major refinery in Oman – and previously worked in top roles at Shell, including Vice President of the $12 billion Prelude floating LNG facility in Australia.
His appointment is coming at a crucial time after Aliko Dangote announced plans to take the refinery public at the Global Commodity Insights Conference in Abuja last week.
The gathering, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global, signified a rare moment of transparency from the successful businessman.
Going public doesn’t just guarantee capital from institutional and individual investors, including sovereign wealth funds, but it also allows the exploration of a broader ownership in one of Africa’s biggest infrastructure projects.
For Aliko Dangote, it is not only about raising money, it’s about welcoming new voices in a sector that has been dominated by only a powerful few for so long.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
