Africa’s richest man wealth doubles to $28 billion, as refinery begins production
Africa’s richest man Aliko Dangote is basking in his newfound wealth as his $20 billion refinery begins production. The largest single-train refinery can meet West Africa’s largest nation’s energy needs and even doubled Aliko’s wealth pegged at $ 27.8 billion as seen from the Bloomberg Billionaires Index.
The refinery was the most ambitious project in Dangote’s 46-year career, as he made his first billion in cement. It took 11 years and $20 billion to build, which is more than twice as long and more than twice as much as originally estimated.
Aliko Dangote, a Nigerian billionaire, opened a family office in Dubai, becoming one of several extremely affluent people who have recently flocked to the financial center of the Middle East. Dangote, ranked 65th on the global wealth list, is the richest person in Africa.
In Nigeria, it has recently become far more difficult to maintain riches of any kind. Tinubu’s relaxation of foreign exchange regulations has caused the naira to lose over two-thirds of its value over the dollar. Eighty percent of Dangote’s business is dollarized,. According to him, Dangote Group will be Nigeria’s largest provider of dollars next year.
Dangote has strong ties to his homeland. He has spent 34 years living in the same Lagos home. To diversify, he is establishing a family office in Dubai.
The Kano-born billionaire is setting up a family office in Dubai to diversify and manage his riches. His daughter Halima Dangote, who relocated there this summer, will oversee.
Like a fund he established with David Rubenstein, co-founder of the private equity company Carlyle Group Inc., he hopes to co-invest in ventures and even collaborate with other billionaires.
Aliko Dangote’s foundation donates millions annually and hopes to donate $10 billion. He discusses taking a back seat and handing over the company to his kids and other family members, such as his grandson who will graduate from college next year.
Mr Dangote said he had two houses – in his hometown of Kano, and Lagos – and lived in a rented apartment whenever he visited the capital, Abuja.
Oil imports decline in Nigeria triggered by Dangote Refinery
Ship tracking data from S&P Global Commodity Insights shows a sharp drop in gasoline shipments to Nigeria during the first two weeks of October. The advent of domestic supply from the Dangote refinery in Lagos coincided with this decline, which seems to have lessened the desire for exports.
However, traders have cautioned that Nigeria may still experience a significant fuel shortage in the absence of imported supply because the new 650,000 b/d refinery is only running at about half its capacity and the main gasoline-producing unit, the RFCC (Residue Fluid Catalytic Cracking), is still unstable as it ramps up.