Table of Contents
Key Points
- Dangote’s net worth rises to $29.3 billion, nearing $30 billion milestone and reinforcing his status as Africa’s richest man.
- Publicly traded shares, especially Dangote Cement and Dangote Sugar, are driving a $1.23 billion year-to-date gain.
- Dangote Refinery appoints ex-Shell executive David Bird as CEO ahead of planned public listing to attract global investment.
Just days after his wealth was estimated at nearly $29 billion, Aliko Dangote—Africa’s richest man—is now edging even closer to a historic milestone. Updated figures from the Bloomberg Billionaires Index show that Dangote’s net worth has risen to $29.3 billion, placing him within striking distance of becoming the first African to be worth $30 billion.
The fresh estimate comes on the heels of a shift in Dangote’s focus. He recently stepped down as chairman of Dangote Cement Plc, his flagship company, to concentrate fully on his $20 billion oil and petrochemical complex—Dangote Petroleum Refinery and Petrochemicals. Since then, his fortune has continued to climb, rising from under $28 billion last week to its current level.
Dangote’s wealth rises $1.23 billion
This upward swing is largely tied to the strong performance of his publicly traded companies, especially Dangote Cement, which is the continent’s biggest cement producer. Bloomberg reports that Dangote’s wealth has grown by $1.23 billion so far this year, making him one of only a few African billionaires to see such a sharp increase in 2025.
Others on that short list include Egypt’s Naguib Sawiris, whose net worth has jumped by $1.88 billion this year, and South Africa’s Johann Rupert, who has gained $1.44 billion. But Dangote remains firmly in the lead and is now ranked the world’s 72nd richest person.
Public shares push wealth higher
While the bulk of his wealth is tied up in the refinery—where he holds a 92.3 percent stake—it’s his shares in publicly listed companies like Dangote Cement and Dangote Sugar Refinery that are helping push his fortune higher. Shares in Dangote Cement have gained 20.5 percent this year, while Dangote Sugar Refinery has soared more than 90 percent.
Company earnings support the market enthusiasm. Dangote Cement posted revenue of N2.07 trillion ($1.35 billion) in the first half of 2025, up 17.7 percent from a year earlier. Profit after tax more than doubled to N520.46 billion ($340.27 million). Dangote Sugar, which struggled last year, turned in a 45.5 percent rise in revenue to N430.21 billion ($281.66 million), and its losses narrowed significantly, driven by stronger demand and improved cost management.
Energy veteran joins Dangote Refinery
As his refinery edges closer to full-scale operation, Dangote is also bringing in new leadership to steer the mega facility forward. British executive David Bird has been appointed CEO of Dangote Petroleum Refinery and Petrochemicals. Bird brings decades of experience in global energy, having led OQ8—a major refinery in Oman—and previously serving in senior roles at Shell, including Vice President of the $12 billion Prelude floating LNG facility in Australia.
His appointment comes at a key moment. Dangote has confirmed plans to take the refinery public, a move he announced at the Global Commodity Insights Conference in Abuja last week. The event, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in collaboration with S&P Global, marked a rare moment of transparency from one of Africa’s most private industrialists.
Going public would not only attract capital from institutional and individual investors, including sovereign wealth funds, but also open the door to broader ownership in one of Africa’s largest infrastructure projects. For Dangote, it’s not just about raising funds. It’s about making space for more voices in a sector long dominated by a handful of powerful interests.
