President of Dangote Group, Aliko Dangote is now the 65th richest person in the world. He now has an estimated networth of $16.6 billion, moving 38 spots up from previous ranking of 103rd in the world.
Dangote still remains the richest man in Africa for the 8th year running. He is also the only Nigerian on the list of the top 500 billionaires, in Bloomberg’s yearly billionaire’s list. The index showed that his wealth moved from $10.5bn at the end of last year to a low of $9.63bn on January 1, 2019. But on Monday, he gained $5.8bn within 24 hours as his total net worth rose to $16.6bn on Tuesday.
Dangote’s Cement plant in Kogi State is already the biggest in Africa. It churns out enough sacks of cement to fill 1,000 trucks a day. A fifth production line now under construction will make it one of the world’s largest.
The cement plant and the two other factories in Nigeria have long been the major source of Dangote’s fortune. But His future—and, as he likes to say, that of the entire continent’s economy—lies to the south of Nigeria.
In Lagos, about 40 miles east, he owns more than 6,700 acres of former swampland bound by a lagoon and the Atlantic Ocean. On which contractors are putting the finishing touches on a fertilizer plant valued at $5 billion. Next to it, is the construction of a vast oil refinery—a $12 billion project—is under way.
If all goes according to plan, the complex will surely make the 61-year-old Nigerian businessman Africa’s most prominent industrialist. The complex will take Dangote Industries’ annual revenue from $4 billion to about $30 billion (that’s at least, 700% up), which is roughly 8 percent of Nigeria’s gross domestic product.
Oil industry experts such as London-based CITAC have questioned the project’s timeline, citing logistical and financial challenges. But Dangote insists the refinery, which will be Africa’s largest, is on track. “By 2020 I will finally dispatch oil,” he says during an interview at his Lagos home.
He has said the fertilizer plant will come online in a few months and will be capable of producing up 2.8 million metric tons of urea a year. The fertilizer plant helped boost Dangote’s net worth to $17 billion, according to the Bloomberg Billionaires Index.
At a time he revealed plans to buy Arsenal and some people thought he was joking. Now, he has said “I will go aggressively after Arsenal,”. For now, though, his focus is on the vast project taking shape on the Atlantic coast. He say he’s prepared to stomach the multibillion-dollar price tag the English soccer club would command once the refinery is finished.