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Aliko Dangote has dismissed wealth rankings, saying estimates of his personal fortune do not capture the value of his largely unlisted businesses.
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The billionaire said the Dangote Refinery alone is worth more than $40bn, while Forbes’ real-time estimate put his net worth at $31.4bn.
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Dangote Group is targeting more than $100bn in annual revenue by 2030 as it expands its industrial investments across Africa.
August 31, (THEWILL) — Africa’s richest man, Aliko Dangote, has challenged estimates of his personal wealth, saying the value of his businesses cannot be accurately captured by global billionaire rankings because many of his major assets remain unlisted.
Dangote made the comments during an interview with The School of Hard Knocks, where he described wealth rankings as a distraction and pointed specifically to the value of his refinery.
“I don’t really look at those things, they are very distractive,” Dangote said when asked about his ranking.
Forbes’ real-time profile currently puts Dangote’s net worth at $31.4bn, although the billionaire referenced an earlier Forbes estimate of about $38bn during the interview.
Dangote said the difference between such estimates and the actual value of his assets was partly due to the fact that most of his businesses are not publicly listed.
He said the Dangote Refinery alone was worth more than $40bn, implying that the value of the facility exceeds the latest estimate of his entire personal fortune.
“Our refinery, I know, is worth over $40bn, just the refinery,” he said.
The refinery’s valuation has gained further relevance ahead of its planned public offering.
Reuters reported that a July private placement valued the facility at about $40bn, while the company is preparing for a potential initial public offering later in 2026.
Dangote targets $100bn revenue
Rather than focusing on personal wealth rankings, Dangote said his attention remains on expanding the group and creating greater economic value from within Africa.
He said the group has set a target of generating more than $100bn in annual revenue by 2030, with its businesses and investments largely driven by opportunities on the continent.
The target is consistent with the group’s Vision 2030 strategy, which includes expansion across refining, cement, fertiliser, gas, mining, infrastructure and other sectors.
The group has said the strategy will require significant new investment to achieve its growth ambitions.
Dangote said the group recorded about $10bn in revenue in the first quarter and intends to use its growing operations to create more value within Africa.
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Focus on African industrialisation
The billionaire said his investment philosophy was influenced by the economic transformation he witnessed in Asia, where domestic investors played a major role in developing their economies.
He argued that Africa needs greater investment from within the continent while simultaneously attracting international capital to accelerate industrialisation.
Dangote also linked his investment strategy to Africa’s dependence on imported goods, arguing that reliance on imports limits local wealth creation.
He said his objective is therefore to build industries capable of producing more of the goods consumed in Africa while encouraging other investors to participate in the continent’s economic transformation.
According to Dangote, Africa has significant demographic and natural-resource advantages, with about 70 percent of its population below 30 years old, around 60% of the world’s arable land and a substantial share of global mineral resources.
His broader ambition, he said, is to turn those advantages into productive industries, jobs and wealth creation rather than allowing Africa’s resources and consumption to continue generating value elsewhere.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
