Africa's Richest Man, Aliko Dangote, Nears 29 Billion Fortune As Refinery Listing Looms

Dangotes 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.

Africas 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 countrys most ambitious industrial projects.

According to the Bloomberg Billionaires Index , Dangotes 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.

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 facilityAfricas largest. But beyond raising capital, the move signals a shift toward shared ownership of the continents energy infrastructure, which has long been dominated by a small group of players.