By Faith Mwende
Africa’s richest man, Aliko Dangote, has officially crossed the $30 billion mark in net worth, according to Bloomberg’s Billionaires Index. As of October 23, 2025, Dangote’s wealth has grown by $2.16 billion since the start of the year, with the latest valuation showing a $430 million increase.
Just weeks ago, the Nigerian billionaire’s net worth stood at $29.6 billion, only $400 million shy of the milestone. By yesterday, he was $200 million away, with a net worth of $29.8 billion.
Dangote’s latest surge in wealth coincides with the inauguration of a $160 million cement plant in Attingué, Côte d’Ivoire, about 30 kilometers north of Abidjan. The 50-hectare plant can produce up to three million metric tonnes of cement annually, making it one of Dangote Cement’s largest facilities outside Nigeria.
With the Attingué plant now operational, Dangote Cement’s total installed capacity across Africa has reached approximately 55 million tonnes per year. The company now operates 11 cement plants across various African countries.
The group’s rapid expansion comes as reports indicate plans to list 5 to 10 percent of shares from the Dangote Oil Refinery on the Nigerian Exchange (NGX) within the next year. Dangote also recently revealed plans to more than double oil refining operations to 1.4 million barrels per day, a move that would make his refinery the largest globally, surpassing the Jamnagar Refinery in India, which produces 1.36 million barrels per day.
Dangote’s net worth has seen dramatic fluctuations since the launch of his oil refinery in May 2023. When operations began in October that year, Bloomberg ranked him as the 81st richest person in the world with a net worth of $20.4 billion. However, his wealth dipped in subsequent months before rebounding strongly in 2024.
At the start of 2024, South African billionaire Johann Rupert briefly overtook Dangote with a net worth of $10.3 billion compared to Dangote’s $9.5 billion. Within weeks, Dangote reclaimed his title as Africa’s richest man, reaching $20 billion by late January 2024, with a remarkable year-to-date gain of $6.91 billion.
His fortune climbed to $27.8 billion by October 2024 and to $28.1 billion by early 2025. Despite minor dips mid-year, his consistent growth across industries from cement to oil has reaffirmed his dominance on the continent’s wealth index.
By August 2025, Bloomberg placed Dangote’s net worth at $29.3 billion, just $700 million short of the milestone he has now surpassed. His recent financial rise underscores both his strategic diversification and the expanding influence of the Dangote Group across Africa.
