Dangote’s wealth surges in latest Bloomberg’s Billionaire’s index

Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has seen his fortune climb significantly this year, according to the latest Bloomberg Billionaires Index.

Dangote now stands at $30.2 billion, which represented an increase by $2.25 billion or eight percent year-to-date, which was supported by gains in his cement, oil, and fertilizer businesses.

The Bloomberg report shows that Dangote’s net worth has risen by eight percent year-to-date, boosted by strong performances across his cement, oil, and fertilizer ventures.

The index currently lists him as the 75th richest person globally. His wealth is largely derived from Dangote Industries Limited, the Lagos-based conglomerate that controls stakes in several listed and private firms spanning industrial and consumer sectors.

Among its major holdings are Dangote Cement Plc — the largest cement producer in sub-Saharan Africa — and the Dangote Oil Refinery, Africa’s biggest refining complex, which began operations in early 2024 after more than ten years of construction. The $20 billion refinery, in which Dangote owns a 92.3 percent stake, remains his most valuable asset and a key driver of his latest financial gains.

In a major expansion across Africa, the Dangote Group recently launched a $2.5 billion joint urea fertilizer plant in Gode, Ethiopia, capable of producing three million metric tons annually. The project marks a historic collaboration between a private African investor and a government entity.

Dangote said the venture, developed in partnership with Ethiopian Investment Holdings (EIH), the government’s strategic investment arm, would strengthen Ethiopia’s position as an agricultural powerhouse on the continent.

“I am delighted to welcome you all to this historic groundbreaking ceremony of the $2.5 Billion, 3 Million Metric Tonne Urea Fertiliser Production Complex here, in Gode, Ethiopia. This new plant is a partnership between the Dangote Group and Ethiopian Investment Holdings (EIH), the strategic investment arm of the Government of Ethiopia,” he had added.