Connect with us

News

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

Published

on

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.

Advert

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.”

 

 

 

 

News

ICPC to Arraign ex-Minister Uche Nnaji over Forged Credentials

Published

on

 

By Yusuf Danjuma Yunusa

Former Minister of Science and Technology, Uche Nnaji, is scheduled to be arraigned on Monday before the Abuja Division of the Federal High Court over allegations of certificate forgery that led to his resignation in 2025.

According to Peoples Gazette, the Independent Corrupt Practices Commission was compelled to open an investigation on Mr Nnaji after evidence of forged credentials surfaced, further reinforced by a follow-up petition by the HEDA Resource Centre, an anti-corruption group.

Reports had in 2023 that Mr Nnaji’s discharge certificate from the National Youth Service Corps was a dupe and that his so-called bachelor’s degree certificate was so poorly done that any curious observer could spot its inconsistencies without extra effort.

Advert

Despite resigning over alleged certificate forgery, Mr Nnaji picked up the 2027 PDP Enugu governorship nomination form earlier this year and emerged the winner.

He was arrested at the Nnamdi Azikiwe International Airport in Abuja on July 1, having shirked previous invitations to visit the ICPC office for questioning.

Sources acquainted with the matter said the anti-graft commission has built a “water-tight” case against Mr Nnaji and filed criminal charges against him before Justice Abdulmalik Joyce.

The Gazette learnt that it will be nearly impossible for Mr Nnaji to wriggle his way out of these evidence-backed charges, which border on corruption, including the submission of forged credentials to the National Assembly during his ministerial screening, and so on.

Continue Reading

News

Remi Tinubu Urges Davido, Burna Boy, Asake, to Help Tackle the Economy, Says Govt Alone Can’t Fix It

Published

on

 

By Yusuf Danjuma Yunusa

The First Lady Senator Oluremi Tinubu has said that although luxury is good, Burna Boy, Davido, Asake and other wealthy Nigerians should help the less-privileged.

She said “the burden on the government is huge”, so the rich should help.

Also, Mrs Tinubu reiterated her call for Nigerians to consider small businesses such as akara.

She made the calls in Lokoja, Kogi State, on Saturday, where she launched the national community food bank.

“Nigeria is a great country. We have a lot of wealthy people. But our priorities are different. And I think it’s high time we started helping those who need help in the country.

“I want to appeal to our young ones in the entertainment industry.

Advert

“I’ve mentioned it before, and I will use Akon, a music icon who does a lot of great charity work.

“The Burna Boys of this world, Asake, all of them, Davido. We want to see you with one foundation or the other, helping the poor with your money.

“Good cars are good; a Maybach is good. Rolls-Royce is good, but still you can still help. The burden on the government is huge.

“You can still help.

“There are pepper sellers. There are vegetable sellers. There are okra sellers, melon sellers, akara, kulikuli. Akara is delicious; I can tell you that,” she added.

The first lady also urged Nigerians not to look down on legitimate means of eking out a living.

“And I read an article about a young graduate who said he didn’t get a job. And he said he sells akara because he couldn’t get a job, and he’s in Abuja.

“We approached him, but I didn’t put my name to it. We equipped him more. He now has 12 workers under him, and he’s doing very, very well.

“So our people should never despise jobs,” she said.

Speaking on empowerment programmes in Kogi, Tinubu announced the donation of ₦100,000 to empower another 2,000 petty traders in the state.

She also commended the beneficiaries for their efforts.

“Today in that same spirit, the Renewed Hope Initiative has donated ₦100 million to the First Lady of Kogi State and RHI coordinator to empower another 2,000 petty traders in Kogi State with the sum of ₦50,000 each to recapitalise their existing businesses.

“And I’m glad that the women who are beneficiaries, they got the idea because I saw them bringing their tray of different food items, very small items, to welcome me today.

“And I think the message is quite received, no matter how people want to turn it around,” Mrs. Tinubu added.

Continue Reading

News

Obi Fires Back at Umahi, Says Presidential Debates are for Candidates, not Ministers

Published

on

 

By Yusuf Danjuma Yunusa

The presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, has dismissed a challenge by the Minister of Works, David Umahi, to a public debate on governance, saying the minister must first become a presidential candidate before seeking such an engagement.

Mr Obi made the remark during an interview with media personality Chude Jideonwo, while responding to comments by Mr Umahi, who had downplayed his political relevance and declared that he posed no threat to President Bola Tinubu.

The minister had also challenged the former Anambra State governor to a debate, claiming he possessed stronger credentials on governance.

Advert

Responding, Mr Obi said presidential debates are traditionally meant for candidates contesting the presidency, not government appointees.

“If he is inviting me to a debate as a presidential candidate, then he has to become a presidential candidate first,” Obi said.

Drawing an analogy with international football, the former Labour Party presidential candidate said participation in presidential debates should follow a qualification process.

“The World Cup is going on now. You cannot stay outside and invite a team that qualified for the World Cup to come and play against you simply because you think you are good. No. There is a qualification process,” he said.

The exchange is the latest in the growing war of words between key political figures as political activities ahead of the 2027 general elections continue to gather momentum.

Continue Reading

Trending