Dangote’s wealth doubles to $28bn on Nigeria refinery project

…Now worlds 65th richest man

African billionaire, Aliko Dangote, is wealthier than ever now that his long-awaited Nigerian oil refinery is up and running as it’s more than doubled his net worth to $27.8 billion, according to the Bloomberg Billionaires Index.

He said he wouldn’t wish the experience on his worst enemy.

“I didn’t know what we were building was a monster,” Dangote, 67, said during a recent visit to New York.

“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.”

Since the refinery started running in January, there have been disagreements with the government and state oil company, as well as concerns over its impact on locals and the environment.

Dangote is smarting from the blowback, his tone quickly shifting from warm to bitter as he runs through the challenges.

For Dangote, who made his first billions in cement, the refinery was the most audacious undertaking of his 46-year career.

Building it took 11 years and $20 billion, three-and-a-half times as long and more than twice as much as initially planned.

He financed most of it himself.

MoneyCentral in July 2024 was the first to bump up the estimated net worth of Africa’s richest man Aliko Dangote to $54 billion reflecting his now confirmed 92.8% ownership stake in Dangote Oil Refinery, after state oil company NNPC was unable to fully pay for its 20% stake.

The Refinery expected to be listed early 2025 will push Dangote listed companies to make up about 65% or two-thirds of Nigeria’s total public market value, according to MoneyCentral calculations.

Firms listed on Nigeria’s stock market (including heavyweight Dangote Cement) had total market capitalization of $37.7 billion (N56 trillion) as at July 17th.

However, the Refinery which began operations late last year has since ramped up in 2024.

Dangote oil Refinery’s annual revenue is projected to exceed $26 billion, according to Dangote during a media tour of the Refinery this week at the Lekki Free Trade Zone Lagos.

The Dangote Refinery would garner an enterprise value of up to $42.6 billion, according to MoneyCentral’s analysis of comparable global refiners, helping to push Aliko Dangote up more than 100 spots to 23rd position on the Bloomberg Billionaires Index.

Dangote would be just behind Charles Koch of USA, worth $66.8 billion, as he closes in on a dual listing on the London and Lagos bourses for his 650,000 barrels per day refinery, by the end of the year.

Being among the top-30 richest persons in the world would be uncharted territory for any African or Nigerian and speaks to the unique ability of the refinery to cater to demand for fossil fuels that’s expected to grow on the continent in the coming decades, even as most of the rest of the world moves in the opposite direction.

The Dangote Oil Refinery is valued by MoneyCentral using the capitalization and Enterprise value per litre methods.