Africa’s richest man, Aliko Dangote, has reached a new milestone, becoming the first African to attain a net worth of $30.2 billion.

According to the Bloomberg Billionaires Index, the Nigerian business mogul has further strengthened his position as the continent’s wealthiest individual, marking a historic moment in 2025.

“Dangote owns a collection of industrial assets through his Lagos-based company, Dangote Group.

“His biggest asset is the Dangote Oil Refinery, Africa’s largest refiner, which began operating in early 2024.

“He owns 92.3% stake of the project which is valued based on the amount it cost to build it: $20 billion. He also owns a fertilizer plant with capacity to produce up to 2.8 million tonnes of urea annually. Its valued based on a net present value calculation by an independent analyst that assumes a 50% utilization rate.

“Several of Dangote Group’s companies are listed on the Nigerian Stock Exchange. He owns 86% of the country’s biggest cement producer, Dangote Cement as well as stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, a unit of Dangote Group.

“He also owns closely held businesses operating in food manufacturing, agriculture, packaging and other industries, which are valued based on their investment cost according to Dangote Group’s 2023 audited financial statements.

“The billionaire owns six residential and commercial properties in Lagos. They are valued using the capitalization method, using rental income provided by Dangote’s spokesman, Anthony Chiejina, and capitalization rates from CBRE Broll Nigeria.

“The value of his combined cash holdings in naira and dollars is based on information from Dangote in 2024.” bloomberg