Aliko Dangote’s Fortune Soars to $27.8 Billion on Success of Multi-Billion-Dollar Oil Refinery
A significant surge in his net worth, reported by the Bloomberg Billionaires Index, has propelled Dangote to the 65th position on the global rich list.
This remarkable jump of $15.1 billion since October 18 has catapulted Dangote to the top 100, making him the only African to achieve this feat. He has leapfrogged Johann Rupert, the South African billionaire, who ranks 174th on the index.
This rapid ascent is all the more impressive considering Dangote was ranked 111th as recently as June 30, 2023. The impressive growth follows the inauguration of his refinery in May 2023.
Located in the Ibeju-Lekki free zone in Lagos, the refinery sprawls over 2,635 hectares and boasts a production capacity of 650,000 barrels per day.
While the facility initially started producing diesel on January 12, the production of petrol was delayed until September 3 due to challenges in securing crude oil.
Dangote’s refinery faced an initial hurdle in sourcing crude from international oil companies (IOCs) in Nigeria. To overcome this, the company turned to alternative sources, importing crude from countries such as Brazil and the United States. Dangote himself acknowledged that some IOCs were struggling to meet supply demands by June.
In response, President Bola Tinubu intervened, leading to the federal executive council’s approval on July 29 for the sale of crude oil to local refineries, including Dangote’s, in naira.
On October 5, the Nigerian government confirmed that crude oil and refined petroleum products would officially be traded in naira, providing further support for Dangote’s refinery operations.
