By ggablog 
Aliko Dangote, President of Dangote Industries Limited, has seen his wealth skyrocket to $27.8 billion, thanks to the remarkable success of his multi-billion-dollar oil refinery, as reported by the Bloomberg Billionaires Index. This impressive $15.1 billion boost propelled him to the 65th spot on the global rich list, making him the only African in the top 100 ¹.
Dangote’s rapid ascent is noteworthy, considering he was ranked 111th just a few months ago, on June 30, 2023. The inauguration of his refinery in May 2023 has been a significant factor in his growth. The refinery, located in Lagos, spans 2,635 hectares and boasts a production capacity of 650,000 barrels per day ¹.
Initially, the refinery faced challenges securing crude oil from international oil companies in Nigeria, prompting Dangote to import crude from countries like Brazil and the United States. However, President Bola Tinubu’s intervention led to the federal executive council’s approval to sell crude oil to local refineries, including Dangote’s, in naira, easing the refinery’s operational challenges ¹.