Blog Post — How Dangote’s Wealth Rebounded to $29 Billion
In a striking comeback, Aliko Dangote’s net worth has surged back to US $29 billion, reversing a dip earlier this month. This rebound is fueled by strong performance in his cement business and the rising success of his flagship refinery. Below, we break down the drivers, challenges, and what this means for Nigeria’s industrial landscape.
1. Wealth Back on Track: The Big Picture
According to the Bloomberg Billionaires Index, Dangote’s fortune climbed approximately US $300 million since early September, after sliding mid-August to about $28.7 billion.
His dominant stake in Dangote Cement (≈ 87.45 %) remains a key pillar in his portfolio.
But a vital component of the rebound lies beyond cement: the Dangote Refinery, a relatively new but game-changing asset.
2. Cement Resilience: Solid Earnings Strength
In the first half of 2025, Dangote Cement reported ₦2.07 trillion in revenue (≈ US $1.35 billion), up ~17.7 % year-on-year.
Even more noteworthy: profit after tax more than doubled to ₦520.46 billion (≈ US $340.3 million).
Its market capitalization climbed above US $5.8 billion, placing the value of Dangote’s cement stake at about US $5.18 billion.
This performance underscores how cement remains a relatively stable revenue stream, buffering against volatility elsewhere.
3. Refinery Leverage: A New Growth Engine
Dangote’s oil refinery business is currently valued at approximately US $18.6 billion within his asset base.
Since commencing operations (circa September 2024), the refinery has delivered petrol to 11 Nigerian states, and also exported over 1.1 billion liters to domestic and international markets.
Its first gasoline cargo to the U.S. marked a milestone; subsequent cargoes have landed in New York and elsewhere via partners like Glencore and Vitol.
In effect, the refinery is helping reduce Nigeria’s dependence on imported fuel, easing foreign exchange pressures and bolstering national energy security.
4. Navigating Risks: Worker Unrest & Regulation
Even with these successes, the refinery has faced turbulence: on September 27, it suspended Nigerian workers over alleged sabotage and temporarily halted petrol sales in naira amid regulatory conflict.
The decisions sparked protests and briefly disrupted operations. Government intervention forced a reversal of the naira-sales suspension.
These events reflect the delicate balance between rapid industrial scaling and Nigeria’s complex regulatory & labor environment
5. Diversification: Beyond Cement & Fuel
Dangote’s wealth isn’t tied only to cement and the refinery. Other key assets include:
Fertilizer operations, valued ~US $3.02 billion
Oil mining licenses (OML 71 & 72) adding ~US $497 million
Real estate: Lagos property (~$148 million), Lekki Free Trade Zone land (~$100 million)
Private jet fleet (~$76 million) and cash reserves of ~US $744 million
This diversification helps insulate his net worth from shocks in any single sector
6. What This Means for Nigeria & Africa
Dangote continues to sit comfortably atop Africa’s billionaire ranking, ahead of peers like Johann Rupert and Nicky Oppenheimer.
The refinery’s success is a turning point in Nigeria’s efforts to stop importing fuel — a longstanding drain on foreign exchange reserves.
But sustaining this growth will depend on managing labor relations, regulatory clarity, and ensuring operational stability under competitive pressures.
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