Nigerian Billionaire Aliko Dangote To Become Africa’s First $30-billion Man

Aliko Dangote, a Nigerian billionaire is on his way to becoming the first African and Black person in history to own a $30-billion fortune. This comes as the date for the launch of his $19-billion petroleum refinery draws near. Scheduled for commissioning next week, the 650,00-barrel-per-day refinery could give Dangote’s fortune a great boost.

Sources from inside Dangote’s group revealed that Dangote plans to list the refinery at a market capitalization of anywhere between $20 and $25 billion by the first quarter of 2024. Also, reports say, the billionaire will own a 90-per cent stake in the company pre-listing. This stake is predicted to give him a minimum $18-billion boost to his riches. It will also push his net worth beyond the $30- billion mark. If this happens, Dangote will become the first black billionaire to reach this landmark. 

Dangote’s historical records

In 2013, the Nigerian billionaire became the first African in modern history to own a $20-billion fortune. Dangote achieved this feat when the capital market of his cement business crossed the $20-billion market cap mark. Figures gotten by the Bloomberg billionaire Index revealed that the African ranks as the 82nd richest man in the world.

Dangote is presently worth $19.1 billion and derives his wealth from his 86-per cent stake in Dangote Cement, salt and sugar manufacturing companies, and other assets.

Dangote’s oil refinery

His petroleum refinery is located in Ibeju-Lekki, Lagos, on a land area of about 2,635 hectares. The petrochemical complex shares borders with the Lekki Free Trade Zone (FTZ) and possesses a land capacity, that is six times the size of Victoria Island. The 650,00-barrel-per-day refinery has been described by the Organisation of Petroleum Exporting Countries,(OPEC) as the largest of all the refinery additions expected across Africa.

Dangote’s refinery will strategically strengthen Nigeria’s downstream industry. It will meet the country’s demand for refined products and generate an export surplus for her.

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