‘Our’ Refinery Lifts Dangote, Only African Among World’s Richest 100

The President of Dangote Industries Limited, Aliko Dangote, has seen a major increase in his wealth, which now stands at $27.8 billion.

This surge is largely due to the success of his oil refinery, according to the Bloomberg Billionaires Index. As of October 18, Dangote’s net worth has grown by $15.1 billion, pushing him to the 65th position on the global list of the richest people. He is the only African among the top 100 wealthiest individuals worldwide.

Dangote’s wealth has risen quickly, as he was ranked 111th just a few months earlier, on June 30, 2023. His rise is attributed to the commissioning of his massive refinery in May 2023. Located in Lagos within the Ibeju-Lekki free zone, the refinery spans 2,635 hectares and has the capacity to produce 650,000 barrels of oil per day.

While the refinery began producing diesel on January 12, 2023, petrol production was delayed until September 3 due to issues with securing crude oil.

Initially, the refinery struggled to obtain crude from international oil companies (IOCs) operating in Nigeria, forcing Dangote to import crude from countries like Brazil and the United States. Dangote noted in June that some IOCs were facing supply challenges.

President Bola Tinubu later stepped in to address these issues. On July 29, the federal executive council (FEC) approved the sale of crude oil to local refineries, including Dangote’s, in naira. The Nigerian government further supported this by announcing on October 5 that crude oil and refined petroleum products would officially be traded in naira, helping Dangote’s refinery overcome its earlier challenges.

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