Dangote’s net worth rises by $15.1bn to $27.8bn as his refinery begins operation

The net worth of African billionaire businessman, Aliko Dangote, on Wednesday, recorded a $15.1 billion (N24.71 trillion) increase, jumping to $27.8 billion.

The businessman’s initial net worth was $12.8 billion.

According to the Bloomberg Billionaires Index, published on Thursday, his current net worth is the highest wealth increase among 500 billionaires under scrutiny.

The outlet stated that Mr Dangote’s latest rise in wealth was not unconnected to his recently launched $20 billion refinery, domiciled in Lagos State, which is the largest on the continent.

His refinery, the largest single-train facility in the world that processes different crude oils from around the world, is expected to put an end to the country’s dependence on fuel imports which has affected the economy.

Speaking during a visit to New York about his building the remarkable project, the 67-year-old said he didn’t expect the level of challenges he faced, some of which were opposition from local communities including environmental concerns.

He said, “I didn’t know what we were building was a monster,” adding that he wouldn’t wish such experience on his worst enemy.

The project which cost far more than initially planned, took 11 years to complete, which was far longer than the number of years initially projected, due to regulatory challenges, effects of COVID-19, amongst others

Bloomberg’s report now ranks Mr Dangote, who also has businesses incement, sugar, salt, oil, fertilizer and packaged food, as the 65th world’s richest man and the wealthiest on the continent.