Nigerian businessman Aliko Dangote, Africa’s richest man, has challenged Forbes’ estimates of his net worth, arguing that his oil refinery alone is worth more than $40 billion.
The remarks were made during an interview with the digital platform The School of Hard Knocks, where Dangote responded to Forbes’ assessment that places his fortune at approximately $38 billion.
According to the billionaire, the calculations published by wealth-tracking organizations fail to reflect the true value of his assets, as a significant portion of his business empire remains privately held and is not listed on stock exchanges.
“My refinery is worth over $40 billion, just the refinery alone,” Dangote said, adding that a more accurate assessment of his wealth is likely to emerge as his assets gain greater visibility in the market.
The Dangote Refinery, located in Lekki on the outskirts of Lagos, is currently the largest refinery in Africa, with a processing capacity of 650,000 barrels of oil per day. The facility began operations in 2024 and has since been regarded as a key driver of transformation in Nigeria’s energy sector.
Recent data indicate that the refinery already supplies more than 95 percent of Nigeria’s aviation fuel demand and exports refined petroleum products to several African and European markets.
Estimates of Dangote’s fortune vary among different institutions. While Forbes values his net worth at just over $30 billion, Bloomberg places it at around $36.7 billion, driven largely by the rising value of the refinery and shares of Dangote Cement.
The group is also preparing an initial public offering (IPO) of the refinery, which could take place later this year. Some analysts believe the listing could value the asset at as much as $50 billion.
Over the years, Dangote has repeatedly stated that his primary ambition is to help industrialize Africa through investments in cement, fertilizer, petrochemicals, and energy across the continent.
22/06/2026
