Africa’s richest man, Aliko Dangote, has seen his personal fortune grow to $29.3 billion as of August 5, 2025, according to the Bloomberg Billionaires Index. This latest ranking places him as the 72nd richest person in the world, further cementing his influence not only on the continent but also globally.
The report noted that Dangote’s wealth increased by $1.23 billion since the beginning of the year, representing a 4.4 per cent rise from January 1, 2025. Bloomberg attributes the increase to the steady performance of his businesses, especially the Dangote Petroleum Refinery and Dangote Cement.
At 68, Dangote controls the Dangote Group, a vast industrial empire headquartered in Lagos. The Group’s business interests span across cement, sugar, salt, oil and gas, fertiliser, packaged food, real estate, and financial services.
According to Bloomberg’s breakdown, Dangote’s private assets include $744 million in cash reserves, a $148 million real estate portfolio in Lagos, an oil asset known as OML 71 & 72 valued at $497 million, a Free Trade Zone land worth $100 million, and a fertiliser plant valued at $3.02 billion. Most notable among his assets is the Dangote Petroleum Refinery, now valued at $18.6 billion. The refinery, which began operations in early 2024, is Africa’s largest and took over a decade to complete. Dangote reportedly holds a 92.3 per cent stake in the refinery, with Bloomberg valuing the project based on its $20 billion construction cost.
Dangote’s public holdings are also significant. He owns equity in Dangote Cement valued at $5.54 billion, shares in Dangote Sugar worth $357 million, NASCON Allied Industries valued at $117 million, and a smaller stake in United Bank for Africa (UBA) worth about $484,000. These shares are held either directly or through Dangote Industries, a key subsidiary of the Dangote Group.
Bloomberg noted that Dangote owns six residential and commercial properties in Lagos. These properties were valued using the capitalisation method, relying on rental income details provided by the Dangote Group’s spokesperson, Mr. Anthony Chiejina, and data from CBRE Broll Nigeria.
In addition to industrial assets, Bloomberg used information from Dangote’s 2023 audited financial statements to value his private companies in food processing, agriculture, and packaging. His combined cash holdings in both naira and U.S. dollars were also included, based on information obtained from him in 2024.
Meanwhile, a different report by Forbes lists Dangote as the 86th richest person in the world, with a net worth of $24.8 billion. The discrepancy between Bloomberg and Forbes likely stems from differences in methodology and valuation criteria.
Aliko Dangote’s rise in business started from humble beginnings. Born in Kano in 1957, he lost his father at the age of eight and was raised by his maternal grandfather, who was a well-known trader in building materials. After studying business at Egypt’s Al-Azhar University, Dangote returned to Nigeria to begin trading cement, using a loan from his uncle as startup capital.
In 1981, he established what is today known as Dangote Group. He began by importing sugar, flour, fish, rice, milk, and iron. However, after a 1996 trip to Brazil where he studied manufacturing, he changed course. Believing in local production, he invested heavily in building factories across Nigeria.
By 1999, Dangote had started building salt and sugar refineries, flour mills, and a pasta factory. In 2000, he bought Benue Cement Company from the Nigerian government and later established the Obajana Cement Plant, which is now the largest in sub-Saharan Africa.
Today, his three major publicly traded firms — Dangote Cement, Dangote Sugar, and NASCON — represent about one-third of the total market value of the Nigerian Stock Exchange. His refinery, which has started operations after years of delays, is expected to transform Nigeria’s oil and gas sector by reducing dependence on imported petroleum products.
Aliko Dangote continues to play a dominant role in Nigeria’s economy. His investments in critical sectors such as energy, infrastructure, agriculture, and manufacturing align with the country’s long-term development goals. Analysts say his refinery and fertiliser businesses could significantly impact foreign exchange earnings and job creation in the coming years.
