President of Dangote Industries Limited (DIL), Aliko Dangote, has seen his fortune rise significantly to $27.8 billion, driven by the success of his multi-billion-dollar oil refinery.
This remarkable increase, as reported by the Bloomberg Billionaires Index, reflects a $15.1 billion boost to his net worth by October 18.
This surge in wealth has catapulted Dangote to the 65th position on the global rich list, making him the only African in the top 100.
He now ranks more than 100 spots above Johann Rupert, the South African billionaire, who sits at 174th on the index.
Dangote’s rapid climb is notable, as he was ranked 111th as recently as June 30, 2023. The impressive growth follows the inauguration of his refinery in May 2023.
Located in the Ibeju-Lekki free zone in Lagos, the refinery covers 2,635 hectares and has a production capacity of 650,000 barrels per day.
While the facility began producing diesel on January 12, the production of petrol was delayed until September 3, due to challenges with securing crude oil.
Initially, Dangote’s refinery faced difficulties in sourcing crude from international oil companies (IOCs) in Nigeria. To compensate, the company imported crude oil from countries such as Brazil and the United States. Dangote himself acknowledged that some IOCs were struggling to meet supply demands by June.
In response, President Bola Tinubu intervened, leading to the federal executive council’s (FEC) approval on July 29 for the sale of crude oil to local refineries, including Dangote’s, in naira.
On October 5, the Nigerian government confirmed that crude oil and refined petroleum products would officially be traded in naira, further supporting Dangote’s refinery operations.