Refinery and Cement Push Dangote’s Fortune to $29.3bn, Gets New Ranking Among World’s Richest
- Aliko Dangote's wealth has skyrocketed, driven by the bullish trend of his cement stocks at the Nigerian Exchange Limited
- Africa's richest man crossed a new threshold among global billionaires as his refinery began expansion plans
- A recent ranking showed that the Kano-born billionaire's position has changed on the Bloomberg Billionaires Index as of August 5, 2025
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Africa’s richest man, Aliko Dangote, has seen his wealth skyrocket to $29.3 billion as of August 5, 2025, according to the Bloomberg Billionaires Index.
This marks a $1.23 billion gain since the beginning of the year, cementing his position as the 72nd richest person globally.
Source: Getty Images
Cement, refinery, and fertiliser lead the pack
Dangote’s latest fortune boost comes largely from the long-anticipated Dangote Oil Refinery, which officially began operations in early 2024.
The 68-year-old billionaire owns a 92.3% stake in the $20 billion mega facility, making it his single largest asset
Dangote Group’s empire is vast, but the key players driving the wealth surge are Dangote Cement, the oil refinery, and his massive fertiliser plant. Here's how his assets break down:
- $18.6bn in the Dangote Petroleum Refinery
- $5.54bn equity in Dangote Cement
- $3.02bn in a urea-producing fertiliser plant
- $357m in Dangote Sugar
- $117m in NASCON Allied Industries
- $484k in United Bank for Africa (UBA)
His cement empire alone dominates one-third of the market capitalisation of the Nigerian Stock Exchange.
The refinery, now Africa’s largest, took 11 years to build and is expected to revolutionise Nigeria’s fuel landscape.
Real estate, cash and hidden assets
Beyond industrial giants, Dangote holds personal and private assets worth hundreds of millions. These include:
- $744m in cash holdings
- $148m worth of Lagos real estate
- $497m oil asset (OML 71 & 72)
- $100m in Free Trade Zone land
- $160m in various Dangote Industries companies
He owns six residential and commercial properties in Lagos, valued using rental income and market capitalisation rates.
The making of a billionaire: From Kano to global rich list
Born in 1957 in Kano, Dangote lost his father at age eight and was raised by his maternal grandfather, a trader.
After earning a business degree from Al-Azhar University in Egypt, he returned to Nigeria and launched a cement trading firm, financed by a loan from his uncle.
From there, he built a trading empire that expanded across sugar, flour, fish, rice, and iron, before shifting to manufacturing after a strategic trip to Brazil in 1996.
By 1999, he had begun constructing salt and sugar refineries, flour mills, and pasta factories.
In 2000, he bought the Benue Cement Company, setting the stage for what is now sub-Saharan Africa’s largest cement plant—the Obajana Cement Plant.
Bloomberg vs Forbes: A small discrepancy
While Bloomberg estimates Dangote’s net worth at $29.3 billion, Forbes puts him at $24.8 billion, ranking him 86th globally.
Source: Getty Images
Regardless of the source, it’s clear: Dangote’s empire is back on a strong upward trajectory, with the refinery and cement at the heart of it.
Another billionaire becomes Nigeria's 2nd Richest Man
Legit.ng earlier reported that Abdulsamad Rabiu has overtaken Mike Adenuga to become Nigeria’s second-richest man, according to the latest Forbes Billionaires List update.
The shake-up in rankings comes as Rabiu’s net worth surged by $365 million in a single day, pushing his net worth to $6.3 billion.
According to Forbes' latest ranking, Rabiu is the 572nd place globally, ahead of Adenuga, despite having the same net worth of $6.3 billion.
Source: Legit.ng
