Africa’s richest man, Aliko Dangote, briefly joined the $30 billion net worth club in October, becoming the first African to hit the mark, according to Bloomberg’s billionaire index.
His wealth has since dropped to $29.1 billion, with the latest valuation change at +$4.24 million and a year-to-date increase of +$1.08 billion.
In contrast, in October, his net worth had surged by $2.16 billion year-to-date, with a last change of +$430 million, propelling him to the $30 billion milestone, Business Insider Africa reported.
The surge was driven by investor confidence after Dangote announced plans to expand his oil refinery’s capacity from 650,000 to 1.4 million barrels per day and inaugurated a $160 million cement plant in Attingué, Côte d’Ivoire, capable of producing three million metric tonnes annually on a 50-hectare site, one of the company’s largest outside Nigeria.
Despite expectations that his net worth would continue to rise alongside investor confidence, it has yet to recover to the $30 billion mark.
Since reaching that milestone, Dangote has announced several major projects poised to impact Africa’s economy.
Just a week after hitting $30 billion, he revealed plans for a $1 billion industrial complex in Zimbabwe integrating cement production, coal mining, and power generation, following initial engagements with officials during the Afreximbank Annual Meetings in Abuja in June.
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In November, Dangote Petroleum Refinery recorded a historic production milestone, producing 70 million litres of petrol and diesel daily, 45 million litres of petrol and 25 million litres of diesel, exceeding Nigeria’s domestic fuel consumption.
Shortly after, Dangote Fertiliser Limited announced plans to build four new urea granulation units with a subsidiary of Germany’s Thyssenkrupp, potentially tripling production and placing the company among the world’s largest urea producers.
Dangote Sugar Refinery, with more than $700 million already invested in growth programs, also confirmed an accelerated expansion to produce up to 1.5 million metric tonnes of refined sugar annually, reducing Nigeria’s reliance on imported raw sugar.
Group CEO Ravindra Singhvi noted these investments are a strategic pillar of Nigeria’s broader sugar backward integration framework.
The subsidiary’s financial performance has improved significantly, with Dangote announcing at the 19th Annual General Meeting that income rose 51% to ₦665.6 billion in 2024, from ₦441.5 billion in 2023.
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Image Credit: Dangote.com
