Aliko Dangote, President of Dangote Industries Limited (DIL), has seen his fortune soar to $27.8 billion, doubling his wealth after the successful launch of his massive oil refinery.
According to the Bloomberg Billionaires Index, Dangote’s net worth increased by an impressive $15.1 billion, reaching $27.8 billion as of October 18.
This rise has propelled him to 65th position globally, making him the only African among the top 100 wealthiest individuals in the world.
This surge in Dangote’s fortune places him over 100 spots ahead of South African billionaire Johann Rupert, who now holds the 174th position.
Notably, Dangote climbed more than 40 places since his June 2023 ranking at 111th.
The significant boost in wealth comes after the operational launch of his 650,000 barrels-per-day refinery, which was inaugurated in May 2023.
Spanning 2,635 hectares in Ibeju-Lekki, Lagos, the refinery started producing diesel in January, while petrol production commenced in September after overcoming challenges in crude supply.
Initially, Dangote’s refinery faced difficulties in sourcing crude feedstock from international oil companies (IOCs) in Nigeria, leading the company to import crude from Brazil and the US.
However, following the intervention of President Bola Tinubu, the federal executive council (FEC) approved crude sales to Dangote and other refineries in naira on July 29.
On October 5, the Nigerian government announced that the sale of crude oil and petroleum products in naira had officially begun, further solidifying Dangote’s success.
