Africa’s richest man Aliko Dangote’s wealth has rebounded a few weeks after experiencing a sharp drop.

Data from the Bloomberg Billionaire Index shows that the Nigerian industrialist’s fortune surged to $29 billion, driven by gains in cement and refinery operations.

Dangote eyes $30 billion net worth

The rebound put the billionaire near $30 billion mark, reversing a slump in August that cut his net worth to $28.7 billion after market fluctuations in his companies.

According to reports, since early September, Dangote’s wealth has gained about $300 million.

Analysis shows that the rebound has been due to Dangote Cement, where he maintains 87.45% stakes.

Dangote Cement’s shares surge

The cement firm’s market cap hit above $5.8 billion, which values Dangote’s wealth at about $5.18 billion.

In its report for the first half year, the cement company’s revenue rose to N2.07 trillion, up 17.7% per year, while profit after tax more than doubled to N520.46 billion.

Aliko Dangote's net worth has soared to an estimated $29 billion, solidifying his position as Africa's wealthiest individual.

This remarkable growth is fueled by the expansion of his diversified empire, particularly his cement operations and the burgeoning success of the Dangote Refinery.

His personal assets also include substantial real estate in Lagos ($148 million), land in the Lekki Free Trade Zone ($100 million), a private jet fleet ($76 million), and cash reserves of $744 million.

Dangote Refinery: A game-changer for Nigeria

The Dangote Refinery, Africa's largest, has rapidly become a cornerstone of his business.

Since commencing production in September 2024, it has delivered petrol to 11 Nigerian states and exported over 1.1 billion litres to international buyers.

This achievement was highlighted by The Electricity Hub, reporting record petrol exports within three months of the refinery's first anniversary.

This milestone underscores its critical role in addressing Nigeria's persistent fuel shortages and boosting foreign exchange earnings.

Aliko Dangote, president and CEO, confirmed this success at a recent conference, stating that the refinery's operations have effectively ended nearly five decades of recurring fuel queues nationwide.

He emphasised the refinery's consistent domestic supply and growing international presence.

This month alone, the refinery sent two more gasoline cargoes to the U.S. after its initial shipment: one sold by Glencore to Shell, arriving in New York.

Harbour on September 19, and another purchased by Vitol from Mocoh, which docked on September 22.

Regulatory disputes and Labour unrest

Despite its rapid growth, the refinery has faced challenges. On September 27, it temporarily suspended some Nigerian workers over alleged sabotage and halted petrol sales in naira due to regulatory disputes.

While the latter decision was reversed after government intervention, these actions sparked worker protests concerning job security and conditions, briefly disrupting operations and highlighting the delicate balance within Nigeria's downstream sector.

Strategic alliances and future expansion

To enhance efficiency and distribution, Dangote has pursued strategic acquisitions and investments.

His half-brother, Sayyu Dantata, through MRS Holdings, has played a pivotal role in logistics and retail expansion, establishing MRS as a key partner in nationwide fuel delivery.

Africa's unchallenged wealth leader

Dangote maintains a significant lead over other African billionaires, including South Africa's Johann Rupert ($17.1 billion) and Nicky Oppenheimer ($13.2 billion).

His expansive empire, encompassing cement, sugar, fertiliser, and energy, continues its trajectory of growth even as the refinery navigates regulatory and labour headwinds.