- Aliko Dangote regains Africa's richest status, starting the year at $9.5 billion and now surpassing $20 billion in net worth.
- Dangote's impressive YTD change of +$6.91 billion outshines global billionaires like Jeff Bezos, Warren Buffet, and Bill Gates.
- The surge in net worth is attributed to Dangote Cement's market cap exceeding N10 trillion and high investor interest in his newly built oil refinery.
Philanthropist and business tycoon, Aliko Dangote recently experienced a significant jump in his net worth. According to Bloomberg’s real-time billionaire index, the CEO of the profound Dangote group has crossed the $20 billion mark.
The index showed that Dangote’s last change in valuation came in at +$282 million, while his year-to-date (YTD) change is a staggering +$6.91 billion.
For context, Dangote’s YTD gain trumps Jeff Bezos's whose YTD change in the period under review is +4.92 billion, Warren Buffet’s whose YTD change is +$6.31 billion, and Bill Gates’s YTD change which came in at +$1.62 billion.
Dangote began the year with $9.5 billion as Africa’s second richest man, behind South Africa’s Johann Rupert, who at the time was worth $10.3 billion.
See here: Top 10 richest people in Africa at the start of 2024
However as the month ran on, Dangote’s billion-dollar net worth crossed the double-digit mark, flatlining at around $14 billion, which firmly reestablished his status as the continent’s richest person. However, as the month ends, Dangote has yet again hit another significant milestone, crossing the $20 billion mark.
Reason for Dangote's net worth increase
This dramatic rise in net worth is attributed to the impressive performance of the Dangote cement company which surpassed the N10 trillion market cap, standing as the first Nigerian company to do so.
The cement company was able to draw in his fellow Nigerian billionaire, Femi Otedola who acquired significant of shares in the company.
With a market capitalization of N10.09 trillion, Dangote Cement is now Nigeria's largest firm, surpassing Airtel Africa, which is valued at N7.5 trillion.
Additionally Dangote's newly built oil refinery has also drawn in a lot of investors who have staked significant funds on the prospect of the refinery dominating Africa’s oil network. Currently, an estimated 150,000 stations have already secured the rights to distribute petroleum products distilled in the billionaire's refinery.
The $20.5 billion Dangote refinery, Africa's largest, has a processing capacity of 650,000 barrels per day. It aims to produce 250,000 barrels per day of gasoline and 100,000 barrels per day of gasoline and diesel. These outputs could contribute to fuel self-sufficiency and reduce the $26 billion spent on petroleum imports in 2022.
With a capacity to generate 27 million litres of diesel, the Dangote refinery is set to also supply 11 million litres of kerosene, and 9 million litres of jet fuel, sourcing crude from various producers in Nigeria, including the Nigerian National Petroleum Corporation (NNPC).
Just yesterday, it was reported that another Nigerian billionaire experienced a significant jump in his net worth. Abdulsamad Rabiu, the founder of the BUA Group, overtook Mike Adenuga, to become the second richest man in Nigeria.
He currently stands as the fourth richest person on the continent with a net worth of $8.6 billion, as of today according to Bloomberg, compared to $8.2 billion reported yesterday by Forbes. This $8.6 billion is an impressive jump from $5.9 billion which he began the year with. His YTD change according to the Bloomberg billionaire index is +$4.58 billon.