African business tycoon Aliko Dangote has experienced a huge jump in his wealth from $15.1 billion to $24.1 billion (US dollars). This makes him the 86th wealthiest man in the world, according to a Forbes magazine report.
His wealth saw this big incline over the past year, dramatically rising by some 80%, a growth that stemmed from his majority ownership in the Dangote Petroleum Refinery and Petrochemicals operation. Dangote holds a more than 90% stake in this Nigerian-based corporation.
The refinery, which has the capacity to process more than 600,000 barrels of oil daily, started making diesel, jet fuel, and naphtha (crude oil) in early 2024, and several months later added gasoline production. It has consistently increased its output, taken in some 26 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 production within a few months.
Dangote owns and operates several other enterprises through Dangote Industries, and according to The Africa Report, his companies are expanding production facilities and deepening their engagement in many businesses, including the building of a second production system for their cement plants in Ethiopia.
At age 67, Mr. Dangote is now significantly ahead of Johann Rupert, the White South African billionaire who is a major shareholder for First Rand Bank, Africa’s second largest financial institution, according to The Economic Report of the Black World. As the Dangote conglomerates grow, the organization is now assembling cars (mainly Peugeots) in Nigeria, in addition to the long line of products manufactured. This includes flour, salt, sugar, pasta, fertilizer for farming, cement and building products, and packaging materials.
Another Black billionaire who also experienced exponential growth is Worldwide Technology founder David Steward, whose wealth grew from $7.8 billion to $11.4 billion. Steward has once again surpassed Robert Smith as the wealthiest Black in America.
