Aliko Dangote Says Forbes Undervalues Him, Claims Refinery Alone Is Worth Over $40 Billion

Aliko Dangote has pushed back against how Forbes values his fortune, saying his oil refinery alone is worth more than $40 billion before his other assets are counted.

He made the comment during an interview on The School of Hard Knocks, a social media interview platform run by 23-year-old creator James Dumoulin.

The statement suggests that Africa’s richest man believes his true net worth is far higher than the figure currently used by public wealth trackers.

Why Dangote Disagrees With Forbes’ Estimate

During the interview, Dumoulin mentioned Forbes’ estimate of Dangote’s net worth at about $38 billion. Dangote did not give his own total figure. Instead, he pointed to the Dangote Refinery in Lagos as proof that the public estimate may be too low.

“My refinery is worth over $40 billion, just the refinery alone,” he said.

By making that point, Dangote suggested that Forbes’ estimate does not fully capture the value of his wider business empire. His cement business, fertiliser operations, petrochemicals investments and other holdings would still have to be added to the refinery’s value.

Why The Refinery Matters To His Net Worth

Dangote’s argument is simple: if the refinery alone is worth more than $40 billion, then his total fortune should be higher than Forbes’ estimate of around $38 billion.

The refinery is one of the biggest private industrial projects in Africa. It is central to Dangote’s long-term plan to reduce Africa’s dependence on imported petroleum products and build stronger local refining capacity.

That is why the refinery’s value matters so much in the debate over his wealth. Unlike Dangote Cement, which is publicly traded and easier to value, the refinery is still privately held. This makes it harder for outside analysts to place an exact figure on it.

Why His Fortune Has Been Rising

Dangote’s comments came during a period of strong growth across his major businesses.

Forbes estimates that he added about $4.6 billion to his fortune in 2026, helped largely by a rise in Dangote Cement shares. The company’s stock reportedly climbed by 69 percent since March 2025, increasing the value of his stake.

The Dangote Group has also announced a $400 million deal with a Chinese machinery manufacturer to help double the refinery’s processing capacity by 2029. If completed, that expansion could make the refinery even more valuable.

Why A Public Listing Could Settle The Debate

A planned public listing of the Dangote Refinery could give the market a clearer answer on its real value.

The group has been looking at a pan-African initial public offering, with possible listings across multiple African stock exchanges. The refinery’s IPO has previously been discussed at a valuation of up to $50 billion, and Dangote has suggested that the listing could happen as early as late 2026.

If the listing goes ahead, investors will have the chance to decide what the refinery is truly worth. That would carry more weight than Forbes’ estimate or Dangote’s own claim because it would be based on audited financials, investor demand and market pricing.

Why Private Assets Are Harder To Value

The disagreement also shows a larger problem with valuing African billionaires whose wealth is tied to private industrial assets.

Forbes and Bloomberg often rely on publicly traded shares when tracking billionaire wealth. That works well for companies like Dangote Cement because share prices are visible. But privately held assets, such as the Dangote Refinery, are more difficult to value from the outside.

Without a public listing, analysts have to depend on estimates, project costs, revenue projections and industry comparisons. That leaves room for major differences between what public trackers report and what the business owner believes the asset is worth.

Why Dangote Says Wealth Is Not The Main Story

Dangote also used the interview to speak about how he wants to be remembered. He said he wants to be known as someone who helped industrialise Africa.

That message fits the image he has built over the years. From cement and fertiliser to petrochemicals and energy, Dangote has often framed his work as part of a wider mission to build African industrial capacity.

For him, the debate over his net worth appears to be only one part of a larger story. His bigger argument is that Africa needs more large-scale industries that can create jobs, reduce imports and strengthen local economies.

Whether Dangote’s fortune is closer to Forbes’ figure, Bloomberg’s estimate or the much higher number he has now implied may depend on how the refinery is valued when it finally goes public.

Frequently Asked Questions

What did Aliko Dangote say about his net worth?

Dangote said his oil refinery alone is worth more than $40 billion. His comment suggests that Forbes’ estimate of his total net worth, at about $38 billion, may be too low once his other assets are included.

How much is Aliko Dangote worth according to Forbes?

Forbes has estimated Dangote’s net worth at around $38 billion as of mid-2026. The increase was helped by gains in Dangote Cement shares.

Is the Dangote Refinery going public?

Yes. Dangote Group has been working toward a pan-African initial public offering for the refinery, with possible listings across multiple African exchanges.

What is the estimated value of the Dangote Refinery?

Dangote said the refinery alone is worth more than $40 billion. A possible public listing has also been discussed at a valuation of up to $50 billion.

Why does the refinery’s value matter?

The refinery matters because it could change how Dangote’s total wealth is calculated. If the refinery is valued above $40 billion in the public market, it could push his net worth far beyond current public estimates.