Dangote Solidifies Africa’s Richest Man Status with $36.7 Billion Fortune
By Aboki Forex —
Aliko Dangote has tightened his grip as Africa’s richest man. His fortune now stands at $36.7 billion, according to the Bloomberg Billionaires Index released on June 8, 2026. The Nigerian industrialist climbed three places in the global billionaire ranking.
The sharp rise in wealth reflects the growing impact of his investments. Dangote’s fortune has gained nearly $5 billion since the start of the year. The increase is driven by the rising valuation of his refinery business and strong performances from his industrial companies.
Refinery Now Crown Jewel of Dangote Empire
For decades, Dangote Cement was the foundation of his wealth. The company remains Africa’s largest cement producer, operating across several countries. But Bloomberg says the centrepiece of Dangote’s fortune is now the Dangote Petroleum Refinery in Lagos.
The $20 billion refinery is Africa’s largest refining facility. It is one of the biggest single-train refineries globally. Bloomberg estimates that Dangote owns more than 90 per cent of the refinery. After years of delays, the refinery began operations in 2024. It is expected to significantly reduce Africa’s dependence on imported fuel. Industry analysts believe the project could permanently reshape Nigeria’s downstream oil sector.
Beyond cement and refining, Dangote holds major interests in fertiliser, sugar, salt, agriculture and packaged foods. This diversified structure has helped shield his fortune from market volatility, inflation and currency fluctuations.
Forbes Puts Dangote at $28.5 Billion
Forbes’ Real-Time Billionaires List estimates Dangote’s net worth at $28.5 billion. That still makes him the richest person in Africa by a wide margin. According to Forbes, Dangote added about $4.6 billion to his wealth this year. Shares of Dangote Cement surged nearly 69 per cent since March last year. The company’s profits doubled in 2025 to a record one trillion naira.
Dangote recently disclosed plans to take the refinery public later this year. His company also announced a $400 million deal with a Chinese machinery manufacturer. The deal aims to double the refinery’s capacity by 2029.
Abdulsamad Rabiu Becomes Africa’s Biggest Wealth Gainer
While Dangote remains Africa’s wealth king, BUA Group chairman Abdulsamad Rabiu is the continent’s biggest wealth gainer this year. Forbes estimates Rabiu’s fortune jumped by 120 per cent, or $6.1 billion, to reach $11.2 billion. The surge pushed him from sixth to third richest in Africa. He now trails South African luxury goods billionaire Johann Rupert.
The rise was fueled by a 135 per cent rally in BUA Cement shares. The stock outperformed the broader Nigerian Stock Exchange, which has seen record-breaking growth amid rising corporate earnings and increased pension fund participation.
Forbes said only four of Africa’s 23 billionaires are poorer than a year ago. Among them are Moroccan real estate mogul Anas Sefrioui and Nigerian businessman Femi Otedola. Their fortunes declined after major market shifts and stake sales.
Africa’s Billionaire Landscape
South Africa dominates the continent’s billionaire list with seven billionaires. Egypt follows with five, Nigeria with four and Morocco with three. Of the 23 African billionaires tracked by Forbes, 14 are self-made entrepreneurs. This highlights the growing influence of indigenous business leaders in shaping Africa’s economic future.
For now, Dangote remains firmly at the summit. His industrial empire is rapidly evolving from manufacturing dominance into energy supremacy.