Table of Contents
Key Points
- Dangote’s net worth has reached $28.7 billion, driven by refinery stake and stock gains in Dangote Cement and Dangote Sugar.
- Dangote plans to list his $20 billion refinery on the Nigerian Exchange, opening investment to everyday Nigerians and institutions.
- Refinery output hit 500,000 barrels daily in early 2025, with upgrades underway to boost capacity to 700,000 barrels.
Africa’s richest man, Aliko Dangote, is seeing another strong year in 2025, with his fortune edging closer to $29 billion. His recent push into energy through the $20 billion Dangote Petroleum Refinery continues to draw attention, and now he says the refinery will soon be listed on the Nigerian Exchange (NGX)—a move that would allow everyday Nigerians to buy shares in one of the country’s most ambitious industrial projects.
$28.7 billion and climbing for Dangote
According to the Bloomberg Billionaires Index, Dangote’s net worth stands at $28.7 billion at the time of drafting this report. Most of that comes from his 92.3 percent stake in the refinery and his holdings in listed firms under the Dangote Group, including Dangote Cement and Dangote Sugar Refinery. Since the start of the year, his fortune has grown by $634 million, lifted by strong stock market performance. Shares in Dangote Cement are up 10.4 percent, while Dangote Sugar has surged more than 120 percent.
Company earnings reflect the uptick. Dangote Cement reported N2.07 trillion ($1.35 billion) in revenue for the first half of 2025, a 17.7 percent increase from the same period last year. Profit after tax more than doubled to N520.46 billion ($340.27 million). Dangote Sugar, which posted a major loss last year, recorded a 45.5 percent jump in revenue to N430.21 billion ($281.66 million) and narrowed its net loss to just N626.11 million ($0.41 million). The rebound was driven by stronger demand, cost savings, and steady sales.
Dangote confirms refinery listing plans
At the Global Commodity Insights Conference in Abuja, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and S&P Global Insights, Dangote confirmed plans to take the refinery public. “Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,” he said. “We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious.”
Listing the refinery would allow individuals, institutional funds, and possibly sovereign wealth funds to invest in the 650,000-barrels-per-day facility—Africa’s largest. But beyond raising capital, the move signals a shift toward shared ownership of the continent’s energy infrastructure, which has long been dominated by a small group of players.
Operations at the refinery, which came online last year, have been steadily ramping up. Production climbed from 350,000 barrels per day in mid-2024 to 500,000 by January 2025. That increase has already helped cut Nigeria’s fuel imports—no small feat for a country that remains Africa’s biggest oil producer.
For the first time in over a decade, South Africa has overtaken Nigeria as the continent’s top fuel importer. Upgrades are now underway to raise output further to 700,000 barrels per day. Once complete, the expansion could lift the refinery’s valuation and strengthen its global standing.
Building wealth through local roots
Dangote isn’t stopping there. He’s also expanding Dangote Fertilizer Limited, his $3 billion fertilizer plant in Ibeju-Lekki, Lagos, as part of a broader push to reduce Africa’s dependence on imported agricultural inputs. The plant is now preparing for a possible listing on the NGX, which could value it at more than $3 billion.
Built on 500 hectares, it’s already the biggest fertilizer plant on the continent. But beyond scale, its impact is clear: it can produce up to 3 million metric tonnes of urea annually—twice what Nigeria consumes. That surplus is expected to reduce prices for local farmers, allow for blends suited to specific soil types, and unlock export markets across West and Central Africa.
For Dangote, these aren’t just business milestones. They’re part of a wider effort to help Africa rely more on itself, for energy, for food, and for growth that benefits ordinary people. As he puts it, the goal is straightforward: "We want to give everyone a stake in what we’re building."
