Africa’s richest man, Aliko Dangote, is now closer than ever to reaching the $30 billion mark.
Since the inauguration of the Dangote Oil Refinery, the billionaire industrialist has seen a sharp rise in his net worth.
In August, Business Insider Africa, citing the Bloomberg Billionaires Index, reported that Dangote was $700 million away from the $30 billion threshold.
As of October 13, Bloomberg’s index places Dangote’s net worth at $29.6 billion, just $400 million short of entering the $30 billion club.
This marks the closest the Nigerian billionaire has ever been to that milestone and raises the possibility that before the year ends, he could become the first African billionaire in modern history to be worth $30 billion.
However, as with all billionaires, his wealth remains subject to fluctuations, meaning a decline in fortune is also possible.
According to Bloomberg’s index, Dangote’s most recent change in net worth stands at +$401 million, while his year-to-date increase amounts to +$1.51 billion.
The surge in his fortune coincides with the latest expansion of his cement operations across West Africa, including the commissioning of a $160 million cement plant in Attingué, roughly 30 kilometres north of Abidjan, Côte d’Ivoire.
The 50-hectare facility has the capacity to produce three million metric tonnes of cement annually, ranking among the largest Dangote Cement sites outside Nigeria.
Corporate data shows the Attingué plant raises the total number of Dangote Cement factories across Africa to 11, increasing the group’s total installed capacity on the continent to nearly 55 million tonnes per year.
While cement remains one of Dangote’s core businesses, it is his oil refinery that has been the primary driver behind his recent wealth surge.
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The Dangote Oil Refinery, inaugurated in May 2023, began operations in October of the same year, with an initial production target of about 370,000 barrels per day of diesel and jet fuel.
In May 2023, Bloomberg ranked Dangote as the 81st richest person globally, with a net worth of $20.4 billion.
His fortune briefly declined afterward but later rebounded strongly. At the start of 2024, South African billionaire Johann Rupert temporarily overtook him as Africa’s richest man, with a net worth of $10.3 billion compared to Dangote’s $9.5 billion.
However, Dangote quickly reclaimed the top spot in a remarkable comeback that saw his wealth grow faster than that of global billionaires like Jeff Bezos and Bill Gates by the end of January 2024.
By late January, the Dangote Group CEO had surpassed the $20 billion mark, recording a last change of +$282 million and an impressive year-to-date gain of +$6.91 billion.
In July 2024, Bloomberg listed his net worth at $13.8 billion after reports showed he had lost about $1 billion.
By October 2024, Dangote’s net worth had surged again from around $13 billion to $27.8 billion.
At the beginning of 2025, his fortune stood at approximately $28.1 billion, according to Bloomberg’s index.
Midway through the year, it was recorded at $27.7 billion, reflecting a year-to-date change of -$400 million.
An April update had shown only a +$153 million YTD change, underscoring how volatile billionaire wealth figures can be as markets, currencies, and company performance fluctuate.
By August 2025, the Bloomberg Billionaires Index valued Dangote’s net worth at $29.3 billion, leaving him just $700 million shy of the $30 billion mark, a goal that now appears well within reach.
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Image Credit: Cedi Rates
