Dangote becomes first African to reach $30 billion net worth
Africa’s richest man, Aliko Dangote, has achieved a historic milestone as his net worth surged past the $30 billion mark, making him the first African ever to reach that figure.
According to the Bloomberg Billionaires Index, Dangote’s wealth rose by $2.25 billion to $30.3 billion as of October 24, 2025, placing him 75th among the world’s 100 richest people and the only African on the list.
The latest boost in his fortune comes two weeks after Dangote Cement, a key subsidiary of the Dangote Group, officially launched operations at its new 3-million-tonne-per-year cement plant in Attingué, Côte d’Ivoire. Covering 50 hectares, the plant is one of the conglomerate’s largest facilities outside Nigeria.
Back home, Dangote has maintained a strong presence in Nigeria’s oil and gas industry, following the successful launch of his $20 billion, 650,000 barrels-per-day refinery in the Ibeju-Lekki Free Zone, Lagos.
The refinery, inaugurated in May 2023, began producing diesel in January 2024, while petrol production started in September 2024 after delays caused by crude oil supply challenges.
Dangote recently announced plans to list the refinery on the Nigerian Exchange (NGX), selling between 5 and 10 per cent of its shares within the next year — a move similar to what he did with Dangote Cement and Dangote Sugar Refinery.
He also disclosed that the Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2 per cent stake, may increase its equity once the refinery’s next expansion phase begins.
In a bold move, the billionaire revealed that the refinery aims to raise output to 1.4 million barrels per day, surpassing the world’s largest refinery in Jamnagar, India, which has a capacity of 1.36 million bpd.
Meanwhile, Dangote’s aggressive expansion into fuel distribution has stirred reactions in the downstream sector. In June, the refinery unveiled plans for a nationwide fuel distribution scheme, supported by the acquisition of 4,000 compressed natural gas (CNG)-powered tankers.
However, the plan has drawn criticism from industry stakeholders. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that the refinery’s forward integration could create a monopoly and lead to massive job losses within the sector.
Despite these challenges, Dangote’s dominance in cement, sugar, and oil continues to reinforce his position as Africa’s most influential industrialist — and now, its first $30 billion man.
