Aliko Dangote, Africa’s wealthiest businessman and chairman of the Dangote Group, has seen his net worth soar to $30.2 billion, according to new figures from the Bloomberg Billionaires Index.

The latest ranking places the Nigerian industrialist as the 75th richest individual in the world, marking a significant rise fueled largely by the performance of his companies, particularly the Dangote Refinery.

Dangote holds a controlling interest in Dangote Cement Plc — the largest cement manufacturer in sub-Saharan Africa — and owns substantial stakes in other ventures within his conglomerate.

His refinery, commissioned in May 2023 and valued at around $20 billion, has been a major contributor to his recent wealth surge. The massive oil complex, located in Ibeju-Lekki, Lagos, is regarded as Africa’s largest refining facility.

Bloomberg’s data shows Dangote retains a 92.3% ownership of the refinery, while the Nigerian National Petroleum Company Limited (NNPCL) holds a 7.3% stake.

The refinery’s operations and growing valuation have positioned it as the biggest driver of Dangote’s expanding fortune, further cementing his influence across Africa’s industrial and energy sectors.