Finance

Dangote's Wealth Surges to $27.8bn with New Oil Refinery (Bloomberg Billionaires Index)

Dangote's Wealth Surges to $27.8bn with New Oil Refinery (Bloomberg Billionaires Index)
Thursday, 17 October 2024 17:49

Now sitting at 65th on the list of the world's richest people, the head of Dangote Group has reached a new peak in wealth, according to the index. This significant rise in his fortune primarily results from factoring in the value of his mega-refinery when assessing the Nigerian entrepreneur's assets.

Nigerian billionaire Aliko Dangote (pictured) has seen his fortune soar by $15.1 billion, bringing his total net worth to $27.8 billion. This jump comes after the start of operations at his massive oil refinery, according to the latest update from the Bloomberg Billionaires Index on October 17.

For the first time, this index considered the value of the refinery, which took 11 years and $20 billion to build, in calculating Dangote's wealth. This change propelled him from 170th place on September 25, when his fortune was $13.3 billion, to 65th place on October 17 among the world's richest people.

1 tableau

At 67 years old, Dangote has primarily built his wealth through his 86% stake in Dangote Cement, a company operating in ten African countries, valued at over $9 billion. Besides cement, the Dangote Group is involved in sectors like food production, fertilizers, and real estate.

Analysts believe Dangote's wealth could reach even greater heights in the coming months. As his oil refinery ramps up production and diversifies its refined products, he is expected to dominate the fuel market in Nigeria and export some of his output to other countries on the continent.

On the same topic
SIB net profit rose to 56 billion CFA francs in 2025 Lower risk costs and higher income supported performance Assets, loans and deposits...
Loan-loss provisions at the nine BRVM-listed banks that reported 2025 earnings rose 18% to $137 million as regional growth hit a record 6.7%. BOA...
Company seeks to raise 485.8 billion naira through share offering Funds to support expansion and reduce debt Strategy aims to boost local sugar...
AFC raises $100 million from India’s Exim Bank over five years Funding to support infrastructure and industrial projects in Africa Deal reflects...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
04

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.