Dangote’s net worth jumps to $23.9bn, ranks 86th richest globally

African business leader Aliko Dangote has been named the 86th wealthiest person in the world by Forbes magazine, with a net worth of $23.9 billion.

His wealth has grown dramatically over the past year, jumping by $11 billion – an 85 per cent increase from the $12.9 billion Forbes reported in February 2023. This growth comes mainly from his majority stake in the Dangote Petroleum Refinery & Petrochemicals, where he owns 92.3 per cent.

Read Also: Petrol import persists amid rising local output

The refinery, which can process 650,000 barrels of oil daily, started making diesel, naphtha, and jet fuel in January 2024, adding petrol production nine months later. It’s been steadily increasing output, taking in about 24 million barrels of Nigerian oil in late 2023. The facility is now set to receive up to 12 million barrels from the United States and could reach full operation within a month.

In the global rankings, Tesla chief Elon Musk keeps his position as the world’s richest person with $393.2 billion, followed by Meta’s Mark Zuckerberg at $247.2 billion and Amazon founder Jeff Bezos with $240.1 billion.