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Forbes: Aliko Dangote’s wealth surges by almost 100% to $23.9bn, now 86th richest in the world

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Aliko Dangote

 

Billionaire Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion.

Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.

This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.

Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa. Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.

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The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa. Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.

Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.

 “I want to provide a blueprint for industrialisation across Africa,” Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.” He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

 Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.  

“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”

Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.

 “He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.

 A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent. 

“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding, “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”

 

 

 

 

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Governor Dauda Lawal Defects to APC After Stakeholder Consultations

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The Zamfara State Government has announced that Governor Dauda Lawal has formally defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), following what officials described as “extensive consultations with stakeholders, political leaders, elders, and supporters across the state.” This was contained in a statement signed by Nuhu Salihu Anka, Director General, Media and Communication, Office of the Governor.

According to the statement, Governor Lawal’s decision was driven by the overriding interest of stability, progress, and sustainable development in Zamfara State. “After careful consideration, His Excellency has decided to formally defect to the APC,” Anka said, noting that the move followed prolonged internal crises within the PDP at both national and state levels.

The government explained that unresolved leadership disagreements and structural challenges in the PDP had created uncertainty and distractions that threatened effective governance. “These challenges have continued to hinder the delivery of democratic dividends to the people of Zamfara State,” the statement emphasized.

Governor Lawal reiterated that his primary responsibility remains the peace, security, and development of Zamfara State. “It became necessary to align with a political platform that provides greater unity, stability, and stronger cooperation with the Federal Government,” Anka quoted the governor as saying.

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The statement further revealed that the final deliberation leading to the defection was held at the Government House in Gusau, under the coordination of the Deputy Governor, alongside senior government officials and key political stakeholders. “This was a collective decision reached after wide consultations,” Anka explained.

Governor Lawal expressed appreciation to PDP members and supporters for their cooperation over the years. However, he noted that the prevailing political realities and unresolved crises within the party made it necessary to take what he described as “a bold step in the interest of good governance and the future of Zamfara State.”

By joining the APC, the governor reaffirmed his commitment to strengthening unity, improving security, accelerating development, and ensuring that Zamfara State benefits fully from stronger collaboration with the Federal Government. “This is a new political phase aimed at promoting unity, stability, and development,” Anka stated.

The government therefore called on citizens, political leaders, party supporters, and stakeholders to remain calm and supportive. “We urge everyone to embrace this transition peacefully as Zamfara enters a new chapter of political cooperation and progress,”

 

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Petrol Price Surge to Deepen Cost-of-Living Crisis as Dangote Refinery Hikes Rates Again

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By Yusuf Danjuma Yunusa

The financial burden on Nigerian consumers is set to intensify following a sharp increase in petrol prices by the Dangote Petroleum Refinery, marking the third adjustment in less than a week.

Effective Monday, the refinery raised the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre. This represents a significant jump of ₦180, or approximately 18.1%, from the ₦995 per litre price announced just last Friday. In a parallel move, the gantry price of Automotive Gas Oil (diesel) was also revised upward to ₦1,620 per litre.

Confirming the development to our correspondent, a senior official at the refinery, who spoke on condition of anonymity due to restrictions on public commentary, stated that the changes have been formally communicated to marketers and depot operators.

“Yes, the gantry prices have been adjusted. PMS is now ₦1,175 per litre while Automotive Gas Oil is ₦1,620 per litre,” the official said. “The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”

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Data from the industry pricing platform, petroleumprice.ng, confirmed that the revised rates have been integrated into depot pricing systems nationwide, effectively resetting the benchmark for downstream marketers.

This latest surge—which has seen gantry prices climb from ₦774 to over ₦1,175 in a matter of days—is already translating to higher costs at the pump. Retail outlets in several states are now selling petrol for approximately ₦1,200 per litre, adding another layer of economic strain on households and businesses.

The increase is expected to trigger a fresh wave of price adjustments across the country. Higher fuel costs invariably lead to increased expenses for transportation, logistics, and production, costs that are typically passed on to consumers. This dynamic threatens to exacerbate Nigeria’s already high cost of living.

The price hikes underscore the challenges facing the Federal Government’s efforts to stabilize the downstream sector. Through the Nigerian National Petroleum Company (NNPC) Limited, the government has been working to secure crude oil supply for the Dangote refinery via third-party international traders in a bid to sustain local refining and, ultimately, moderate prices.

However, officials caution that these interventions may not yield immediate relief for consumers. As the 650,000-barrel-per-day Lekki-based refinery adjusts its prices in response to volatile market realities, Nigerians are left grappling with the immediate consequences of a deregulated market where pump prices are increasingly subject to global and local market forces.

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ADVERT:KANO STATE PRIMARY HEALTH CARE MANAGEMENT BOARD IMMUNIZATION PLUS AND MALARIA PROGRESS BY ACCELERATING COVERAGE AND TRANSFORMING SERVICES (IMPACT PROJECT)

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KANO STATE PRIMARY HEALTH CARE MANAGEMENT BOARD
IMMUNIZATION PLUS AND MALARIA PROGRESS BY ACCELERATING COVERAGE AND TRANSFORMING SERVICES (IMPACT PROJECT)

CREDIT NO. IDA-65390

Request for Bids – Goods

Procurement of 44 Nos. Ultrasound Scan Machines for 44 Secondary Facilities in Kano State.

NG-KANO MPA-536529-GO-RFB

Date of Issue: March 9, 2026

1. The Kano State Government through the Government of the Federal Republic of Nigeria has received a credit from the International Development Association toward the cost of the Immunization Plus and Malaria Progress by Accelerating Coverage and Transforming Services (IMPACT), Project and intends to apply part of the proceeds of this credit to payments under the Contract for the Procurement of 44 Nos. Ultrasound Scan Machines for 44 Secondary Facilities in Kano State.

2. The Kano State Immunization Plus and Malaria Progress by Accelerating Coverage and Transforming Services (IMPACT), Project now invites sealed bids from eligible and qualified bidders for the Procurement of the following:

Item No.
Description / Identification of Items
Qty
Bid Security
Delivery Period
Location(s)

 

Procurement of 44 Nos. Ultrasound Scan Machines for 44 Secondary Facilities in Kano State.

NG-KANO MPA-536529-GO-RFB
44
₦19,700,000.00
90 days
Immunization Plus and Malaria Progress by Accelerating Coverage and Transforming Services (IMPACT), Project, State PIU Office, Na’ibawa Zaria Road, Opposite Gidan Fiat, Kano State

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Bidding Procedures
3. Bidding will be conducted through National Competitive Bidding using Request for Bids (RfB) as specified in the World Bank’s “Procurement Regulations for IPF Borrowers” Procurement in Investment Projects Financing” November 2020 (“Procurement Regulations”) available on www.worldbank.org/procure and is open to all Bidders as defined in the Procurement Regulations. In addition, please refers to paragraphs 3.14 to 3.17 in the “Procurement Regulation” on the conflict of interest.

Invitation
4. Interested and eligible bidders may obtain further information from the State Project Manager, Kano State IMPACT Project, and inspect/obtain the bidding documents at the address below, between 9.00 am to 4.00 pm Mondays to Fridays, except on public holidays.

5. Qualifications requirements include:

The Bidder should demonstrate that it has successfully completed the supply/installation of a minimum of 30 (Thirty) Ultrasound Scan Machine within the last 5 (five) years.”
Audited financial statements for the last three (3) years, to demonstrate the financial capability of the Bidder in terms of Profitability and adequate working capital,
Registration with Professional organizations/Licenses to sell Medical Equipment in Nigeria.
Company Registration,
Certified Manufacturers Authorization,
Evidence of after-sales services in Nigeria

A margin of preference for eligible national contractors shall not apply; Additional details are provided in the Bidding Documents.

6. A complete set of Bidding Documents in English may be purchased by interested bidders on the submission of a written Application to the address below and upon payment of a non-refundable fee of ₦ 100,000.00 (One Hundred Thousand Naira only). The payment method will be a Bank Draft in favour of the Kano State IMPACT Project. The Bidding Documents will be collected by the representative of the Bidder or by courier services on request, which shall be at the bidder’s cost.

7. Bids must be delivered to the address below at 11:00 am local time on Wednesday, April 15, 2026. Electronic bid submissions will not be accepted; Late bids will be rejected. Bids will be opened in the presence of the bidders’ representatives, who choose to attend in person at the address below 11:00 am local time on Wednesday, April 15, 2026. All bids must be accompanied by a Bid Security of ₦19,700,000.00 in local currency or an equivalent amount in a freely convertible currency.

8. The address referred to above is:

The State Project Manager,
State Project Implementation Unit (SPIU),
Kano State Immunization Plus and Malaria Progress by Accelerating Coverage and Transforming Services (IMPACT), Project,
Address: Na’ibawa Zaria Road, Opposite Gidan Fiat, P.M.B 3295, Kano State.
Telephone: +234 803 530 7255 / +234 806 558 1226
Email address: piukanoimpactproject@gmail.com

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