Dangote’s Wealth Hits Record $27.8 Billion, new Bloomberg Rating reveals

A recent report by Bloomberg revealed that Nigerian billionaire Aliko Dangote has reached new heights of wealth, now worth $27.8 billion according to Bloomberg’s real-time billionaire index, a significant increase from the previously reported $13.2 billion. Despite his immense success, Dangote admitted to mixed feelings about the journey. “I didn’t know what we were building was a monster,” he remarked during a visit to New York, reflecting on the pressures and scepticism he faced. “People were confusing us, disturbing us every day with different media stories that it will never work.”

The billionaire, who recently commissioned his oil refinery in Nigeria, has been embroiled in various challenges with the government since operations began. Chief among these issues was the sale of crude oil to the Dangote Refinery. Dangote complained that the Nigerian government charged high prices for crude oil, which was sold in dollars rather than Naira. This forced the refinery to source crude oil from other international markets, including Brazil. However, this was later resolved when the Nigerian government announced that, starting from October 1, 2024, it would sell crude oil to local refineries, including Dangote’s, in Naira.

Another point of contention was the Nigerian National Petroleum Corporation’s (NNPC) exclusive right to distribute petrol produced by the Dangote Refinery. This arrangement limited Dangote’s flexibility in setting prices, creating additional hurdles for the refinery’s operations.

The Dangote Refinery, with its $20 billion investment and a daily processing capacity of 650,000 barrels, is the largest single-train refinery in the world. It aims to produce 250,000 barrels of gasoline and 100,000 barrels of diesel per day, with the goal of boosting Nigeria’s fuel self-sufficiency. This is expected to significantly reduce the $26 billion spent on fuel imports in 2022.