Nigerian billionaire Aliko Dangote has recorded a massive increase in his wealth after Forbes raised its valuation of his fortune to $51.3 billion.
The latest adjustment has added nearly $20 billion to Dangote’s previously estimated $28.5 billion fortune, pushing Africa’s richest man further up the global billionaire rankings.
According to Forbes, Dangote is now ranked No. 36 among the world’s richest people, putting him in the company of some of the biggest names in global business.
The dramatic increase in Dangote’s wealth comes as investors place a higher valuation on his business empire, particularly the Dangote Refinery.
The refinery recently launched its initial public offering (IPO) on the Nigerian Exchange, allowing investors to buy shares in the massive oil facility.
Forbes’ latest valuation reflects the increased value attached to Dangote’s assets following the development.
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His fortune has therefore jumped from $28.5 billion to approximately $51.3 billion in a single adjustment, representing an increase of around $22.8 billion.
The new figure cements Dangote’s position as Africa’s richest individual while also placing him among the world’s most wealthy entrepreneurs.
Dangote Refinery Behind The Huge Valuation
The Dangote Refinery has become one of the most significant assets in the billionaire’s business empire.
The facility is currently capable of processing up to 700,000 barrels of crude oil per day, with plans to increase its capacity to 1.4 million barrels per day by 2029.
The refinery has also entered the Nigerian capital market through an IPO involving 4.1 billion new ordinary shares priced at N525 each.
The offer is expected to raise about N2.15 trillion if fully subscribed.
Dangote formally launched the share sale by sounding the Nigerian Exchange gong in Lagos, marking a major step for the refinery.
Dangote Refinery // Forbes
Now Among World’s Richest
With Forbes now valuing his fortune at $51.3 billion, Dangote has moved to position 36 on the global billionaire ranking.
His new valuation puts him ahead of several internationally recognised billionaires and demonstrates the growing value of his industrial investments.
Dangote has built his fortune through businesses spanning cement, food manufacturing, fertiliser and oil, with the refinery now emerging as one of the biggest components of his empire.
The latest Forbes adjustment represents one of the biggest jumps in his wealth in recent years and further strengthens his status as Africa’s most successful industrialist.
