Aliko Dangote, Africa’s richest man, has retained his position as the wealthiest man in Africa for the eleventh year in a row, despite the impact of the global pandemic on financial assets.
In a recent report by Business Insider Africa, Dangote Industries Limited has said its integrated refinery project, owned by Africa’s richest man Aliko Dangote, will start processing crude oil refining in the third quarter of this year. The announcement raises questions about how much Dangote’s wealth will increase once the facility begins operations.
The Dangote Group believes that the pipeline Infrastructure, which cost an estimated $19bn to build, is designed to process enough crude to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude. In addition, the world-class industrial complex will create a market for $11 billion per annum of Nigerian crude.
Read on for five facts that put Aliko Dangote’s $20 billion fortune into perspective.
1. Since the new year began, Dangote’s net worth has increased by more than $1.31 billion, triggered by a 30-per cent increase in the stock price of Dangote Cement, his most valuable asset.
According to Bloomberg, the Nigerian billionaire is worth more than $20.4 billion as of Jan 24, 2022.
![Aliko Dangote [Time Magazine]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'790'%20height%3D'527'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Aliko Dangote [Time Magazine]")
2. If Dangote spent $1 million a day, it would take him at least 40 years to spend his entire fortune, according to Business Insider Africa calculations.
But although Dangote indulges in a few luxuries — such as a private plane and a massive mansion worth reportedly $30 million — the billionaire is known for being relatively frugal in his spending.
At the 2019 Mo Ibrahim Forum. Dangote hinted that he avoids luxury things “because they distract and take time”. The billionaire businessman revealed that all his houses are in Nigeria, adding, “I don’t have any holiday home anywhere. I don’t have a house anywhere, but I know people working for me…they have houses in London.”
3. Dangote remains the richest person in Africa even after giving away at least $1 billion to charity over the years.
Despite being Africa's richest man, Dangote is also the most generous philanthropist in the continent. His Dangote Foundation, which is endowed with $1.25 billion, has given tens of millions of dollars over the years to causes in education, arts, health and humanitarian relief.
4. Dangote’s net worth is greater than the GDP of over 15 African countries combined.
Of the 54 countries in Africa, only 20 are richer than Dangote. According to VON Digest, he will be number 21 on the list compared to other African countries if he were a country.
The Nigerian billionaire is said to be richer than Mauritania, Togo, Somalia, Eswatini, Sierra Leone, Djibouti, Liberia, South Sudan, Burundi, Central African Republic, Lesotho, Eritrea, The Gambia, Cape Verde, Guinea-Bissau, Seychelles, Comoros, São Tomé and Príncipe.
