Nigerian billionaire Aliko Dangote’s net worth has risen to an estimated $39.4 billion, surpassing philanthropist MacKenzie Scott in Bloomberg’s global wealth rankings. This increase is primarily attributed to significant investments in his oil refinery, which is seen as a key contributor to his financial growth.
According to Bloomberg’s Billionaires Index, Dangote’s wealth rose by approximately $8.84 billion in 2026, marking a $4.4 billion increase from an earlier estimate of $35 billion. This surge cements his status as Africa’s richest person.
Much of Dangote’s wealth is tied to the $20 billion Dangote Petroleum Refinery, one of the largest industrial investments on the continent. As the facility works to enhance Nigeria’s domestic oil-processing capabilities, it has attracted considerable investor interest.
For the nine-month period ending September 30, the refinery reported a net income of $4.725 billion and boasts a processing capacity of 650,000 barrels of crude oil per day. The refinery is not only a critical asset for Dangote but also plays a key role in Nigeria’s economic landscape.
On September 14, Dangote launched an initial public offering for the refinery, offering 4.1 billion new ordinary shares at 525 Nigerian naira each. This move aims to raise approximately 2.15 trillion naira and open the business to additional investors. The subscription period for the IPO was initially set to close on October 13 but has since been extended to allow more participation from investors across Africa.
Diversifying his investments, Dangote’s industrial portfolio includes cement, fertilizer, and sugar production. His efforts are pivotal in Nigeria’s initiatives to expand domestic production and decrease dependence on imported petroleum products.
Despite Bloomberg’s assessment placing his net worth at $39.4 billion, other outlets such as Forbes have estimated it to be higher, at approximately $51.3 billion. These discrepancies highlight differing evaluations of privately held assets and underscore the continuing significance of Dangote’s industrial holdings as the refinery expands its operations.
