Nigerian industrialist and President of Dangote Group – Alhaji Aliko Dangote – has made history as the first African to amass a personal fortune exceeding $30billion, according to the latest figures from the Bloomberg Billionaires Index.
As of October 23, 2025, Dangote’s net worth stood at $30.3 billion, marking a significant surge driven by expansions in his vast business empire.
The feat reflects a year-to-date increase of $2.25 billion, or about 8 percent, in Dangote’s wealth.
The growth comes amid recent developments in his flagship companies, including the completion of a new $160 million cement plant in Attingué, Côte d’Ivoire, which boosts Dangote Cement’s total installed capacity across Africa to approximately 55 million tonnes per year.
The facility, spanning 50 hectares and capable of producing three million metric tonnes annually, represents one of the company’s largest operations outside Nigeria.
Dangote’s wealth trajectory has been volatile but upward-trending since the launch of his $20 billion oil refinery in May 2023.
The refinery, which began operations in October 2023 with an initial output of 370,000 barrels per day of diesel and jet fuel, is set for further expansion.
Plans are underway to more than double its capacity to 1.4 million barrels per day, potentially making it the world’s largest refinery, surpassing India’s Jamnagar facility.
Additionally, reports indicate that Dangote Refinery may sell 5% to 10% of its shares on the Nigerian Exchange Limited within the next year, which could further enhance its valuation.
Dangote, 68, founded his business at age 21 and has built the Dangote Group into Africa’s largest conglomerate, with operations spanning cement, sugar, flour, and now oil refining across 11 countries.
His net worth has fluctuated significantly in recent years: dipping to $9.5 billion at the start of 2024—briefly allowing South African billionaire Johann Rupert to overtake him—before rebounding to over $20 billion by late January 2024.
By mid-2025, it had climbed to $29.3 billion, just shy of the $30 billion mark.
This achievement solidifies Dangote’s position as Africa’s richest person, far ahead of others on the continent.
For comparison, Johann Rupert and family hold the second spot with an estimated $14.1 billion as of mid-2025, followed by Nicky Oppenheimer and family at $10.4 billion.
Dangote’s success reflects the potential for industrial growth in Africa, reducing reliance on imports and enhancing economic self-sufficiency in key sectors like energy and construction.