South African Correspondent
Aliko Dangote, the Nigerian billionaire, has
seen his net worth double within days, skyrocketing from approximately US$13 billion to US$27.8 billion.
This remarkable increase has reinstated him as Africa’s richest man, a title he has been vying for with South Africa’s Johann Rupert throughout the year.
In a recent statement, Dangote expressed his surprise at the scale of his business growth, saying,
“I didn’t know what we were building was a monster.” He reflected on the pressures he faced, noting,
“The pressure was coming from different directions, people confusing us, disturbing us every day with different media stories that it will never work, it will never work, it will never work.”
According to Bloomberg’s real-time billionaire index, Dangote’s wealth surge has positioned him as the 65th richest person in the world, a significant leap from his previous rank of 175th with a net worth of US$13.2 billion just weeks ago. The index reported a +US$15.1 billion change in his valuation, with a year-to-date increase of +US$12.7 billion.
Challenges with the Dangote Refinery
Dangote’s recent financial success follows the inauguration of his oil refinery in Nigeria, which has not been without its challenges. He has faced several disputes with the Nigerian government regarding the sale of Premium Motor Spirits (petrol). Initially, Dangote criticized the government for selling crude oil to his refinery at high prices and in dollars, which forced him to seek fuel from international markets, including Brazil.
However, a resolution was reached when the Nigerian government agreed to sell crude to the Dangote Refinery in Naira starting from October 1, 2024. Additionally, there were complications with the Nigerian National Petroleum Corporation (NNPC), which designated itself as the sole distributor of Dangote petrol, limiting his flexibility in pricing decisions.
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