by Mary Spiller
October 26, 2025
Dangote is considered the richest Black man in the world.
Africa’s richest man, Aliko Dangote, has reached a new milestone in his financial empire. Dangote’s net worth climbed to $30 billion as of Oct. 23 — a $2.16 billion gain since the start of the year, according to Bloomberg’s Billionaires Index and Business Insider.
The index shows that Dangote’s wealth recently grew by another $430 million, pushing him over the symbolic $30 billion threshold. Just a few weeks ago, his fortune stood at $29.6 billion, and as of yesterday, he was only $200 million short of reaching that figure.
The Nigerian businssman began his business journey with the Dangote Group, a small trading firm that imported sugar, salt, and other food products. In 1981, he expanded his ventures by founding Dangote Nigeria Limited and Blue Star Services, both specializing in the importation of rice, steel, and aluminum. He later launched Dangote Cement, which today generates roughly $3.7 billion in annual revenue. His Dangote Sugar Refinery is among the largest sugar producers in Nigeria and across the continent.
Dangote’s latest financial surge coincides with the inauguration of a $160 million cement facility in Attingué, Côte d’Ivoire, located roughly 30 kilometers north of Abidjan.
The sprawling 50-hectare site boasts a production capacity of three million metric tonnes annually, making it one of Dangote Cement’s largest manufacturing plants outside of Nigeria.
The new facility expands Dangote Group’s cement production capacity across Africa to roughly 55 million tonnes per year, spread across 11 countries.
Beyond cement, Dangote’s business empire continues to broaden. Reports suggest that within the next year, the company plans to list 5 to 10 percent of its shares on the Nigerian Exchange (NGX) Limited.
The billionaire has also announced bold plans to expand his oil refining operations, aiming to double capacity to 1.4 million barrels per day. If realized, the Dangote Refinery would surpass the world’s largest refinery in Jamnagar, India, which processes 1.36 million barrels daily.
Founded in May 2023, the Dangote Oil Refinery began operations that October, initially producing around 370,000 barrels per day of diesel and jet fuel. Following its launch, Bloomberg ranked Dangote as the 81st richest person globally, with a net worth of $20.4 billion at the time.
Despite periods of fluctuation – including a dip to $13 billion in mid-2024 – Dangote has consistently bounced back. His wealth surged dramatically later that year, jumping from $13 billion to $27.8 billion by October.
By early 2025, Dangote’s net worth stabilized around $28 billion and has steadily increased since, fueled by growth across his cement and refining ventures.
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