Africa's former number one wealthiest man and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has experienced a net worth double increase to $28 billion arising from the start of operations of his oil refinery.
Reports gathered by the Bloomberg Billionaires Index released on Friday , shows that the launch of Nigeria’s highly anticipated oil refinery, which is now fully operational, has effectively boosted the country's economy.
The refinery, situated within the metropolis of Lekki Free Trade Zone in Ibeju-Lekki, Lagos, stands as the world’s largest single-train oil refinery.
The refinery is said to be one of the most advanced in Africa, having the capability to process a wide range of global crude oil types.
A close look at the records released by Bloomberg shows that, the refinery has the potential to transform Nigeria’s economy by making the country self-sufficient in fuel production.
The reports also has it that the one time Africa Richest man, has doubled his net worth to $27.8billion.
"the refinery has the potential to transform Nigeria’s economy by making the country self-sufficient in fuel production. And it has more than doubled his net worth to $27.8 billion,” stated Bloomberg.
Expectations are high, with reports suggesting the refinery is set to reshape Nigeria’s current energy sector by producing refined petroleum products domestically, with the hope of ending the country’s dependence on fuel importation.
Also, analysts predicts that Dangote’s wealth could grow even more in the coming months, if productions consistently takes place at the Billionaire's refinery site.
With the refinery commencing production, Dangote is perceived to be able to dominate Nigeria’s fuel market, with plans to export a portion of the output to other African countries.
Dangote, who is 67, has built most of his wealth through his 86 per cent stake in Dangote Cement, a company valued at over $9 billion, with operations in ten African countries.
The Dangote Group is a Nigerian multinational industrial conglomerate, founded by Aliko Dangote, and it's ranked as the largest conglomerate in West Africa and one of the largest on the African continent.
The Dangote Group company, aside the establishment of the refinery has interests in sectors such as food production, fertilisers, and real estate
