Dangote Claims Refinery Worth Over $40 Billion, Challenges Forbes

Aliko Dangote, Africa’s richest man, has disputed Forbes' estimates of his wealth, which currently stands at $31.4 billion. During an interview with The School of Hard Knocks, he stated that the value of his refinery exceeds $40 billion, highlighting that many of his assets are unlisted and thus undervalued.

Dangote referenced an earlier Forbes estimate of $38 billion and noted that the refinery's valuation is significant ahead of a planned public offering, with a July private placement valuing it at approximately $40 billion. Rather than focusing on personal wealth rankings, Dangote is concentrating on expanding the Dangote Group and aims to generate over $100 billion in annual revenue by 2030.

This goal aligns with the group's Vision 2030 strategy, which encompasses growth in refining, cement, fertilizer, gas, mining, and infrastructure. The group reported about $10 billion in revenue in the first quarter and plans to leverage its operations for greater economic value within Africa.