Nigerian business tycoon, Aliko Dangote’s net worth has surged by nearly 100%, reaching an impressive $23.9 billion, Forbes reports.

 

 

 

 

This leap positions the Nigerian industrialist as the richest person in Africa and the 86th wealthiest individual in the world.

 

 

 

 

Just last year, Forbes ranked Dangote 144th globally with a net worth of $13.4 billion. The sharp rise in his fortune is largely attributed to his 92.3% stake in the Dangote Petroleum Refinery & Petrochemicals.

 

 

 

At 67, Dangote has returned to the top 100 list for the first time since 2018, according to the Forbes Real-Time Billionaires List.

 

 

 

His nearest African rival, Johann Rupert of South Africa, holds the 161st spot with an estimated $14.4 billion. Fellow Nigerian tycoon Mike Adenuga ranks 481st with $6.8 billion.

 

 

 

 

 

Dangote’s wealth surge is driven by the operational launch of his landmark $23 billion petroleum refinery—Africa’s largest and one of the biggest globally. Spanning 6,200 acres in the Lekki Free Zone, Lagos, the facility can process up to 650,000 barrels of crude oil per day, ranking seventh worldwide. It also houses a petrochemical complex capable of producing 3 million metric tons of urea annually, making it Africa’s largest fertilizer producer.

 

 

 

Dangote said the refinery is part of a bold vision to industrialize Africa. “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he told Forbes.

 

 

 

Reflecting on the decade-long project, he added:“It was the biggest risk of my life. If this didn’t work, I was dead.”