Bloomberg pegs Dangote at over $30b; Forbes says not yet

A wave of online chatter erupted this week after reports suggested that Aliko Dangote, Africa’s richest man, had crossed the $30 billion mark for the first time. The buzz came after Bloomberg’s Billionaires Index placed his fortune at $30.5 billion.

But Forbes’ real-time ranking offered a more conservative estimate, pegging the Nigerian industrialist’s wealth at $26.1 billion—about $3.9 billion shy of that milestone. The gap stems from differences in how the two outlets value private assets and listed holdings.

Bloomberg, Forbes differ on Dangote’s net worth

Bloomberg, which tracks the world’s 500 richest people, says Dangote’s wealth rose by $2.43 billion this year, driven largely by the strong performance of his listed companies on the Nigerian Exchange (NGX).

Dangote Cement has climbed more than 38 percent in 2025, Dangote Sugar Refinery has nearly doubled in value, and Nascon Allied Industries has surged 279 percent. Forbes’ calculations show a similar upward trend but place his gains since January at $2.2 billion, bringing his net worth from $23.9 billion to $26.1 billion.

Beyond his $20 billion refinery, part of Dangote’s fortune stems from his stakes in Dangote Cement, Dangote Sugar Refinery, and Nascon Allied Industries. Bloomberg also factors in his majority ownership of Dangote Oil Refinery and his fertilizer plant, which it values at $3.02 billion based on an independent analyst’s model assuming a 50 percent operating rate.

Forbes, however, does not make clear whether it includes the fertilizer asset in its assessment.

Dangote launches Ethiopia fertilizer, eyes more gains from Senegal

Dangote has continued to expand his industrial footprint beyond Nigeria. After the successful start-up of his $20 billion oil refinery, he turned his attention to fertilizer and energy.

In early October, the Dangote Group broke ground on a $2.5 billion fertilizer plant in Ethiopia in partnership with Ethiopian Investment Holdings.

The plant will produce up to three million metric tonnes of urea each year, tapping into the country’s gas resources to boost agriculture. The investment complements his cement plant in Mugher, Ethiopia.

Days later, Dangote met with Senegalese President Bassirou Diomaye Faye in Dakar to discuss new ventures in energy, fertilizer, and manufacturing. He already operates a 1.5-million-tonne cement facility in Senegal and is considering expansion under the country’s development plan.

Yet, his focus remains on his Lagos refinery, which began production last year at 350,000 barrels per day and is being upgraded to reach 700,000 barrels daily despite recent operational challenges.

Dangote eyes $100 billion wealth milestone

A report this week from Billionaires.Africa said Dangote may list between 5 and 10 percent of his oil refinery on the Nigerian Exchange, potentially valuing the asset at up to $70 billion.

Such a move could propel him toward the $100 billion mark, putting him in the company of the world’s wealthiest. Nigeria’s Vice President Kashim Shettima once quipped that Dangote could have been worth $120 billion if he had invested in global tech stocks instead of his refinery—a remark that sparked both applause and debate.

But for a man who built his empire from cement, sugar, and oil rather than Silicon Valley, that $120 billion dream may still be within reach. Whether Bloomberg or Forbes has the closer estimate, one thing is certain: Dangote’s climb shows no signs of slowing, and his influence across Africa remains unmatched.