Nigerian billionaire Aliko Dangote has seen his estimated net worth climb to $39.4 billion, surpassing philanthropist MacKenzie Scott as investments in his oil refinery contribute to his growing fortune, Business Insider Africa reports.
According to Bloomberg’s Billionaires Index, Dangote’s wealth increased by approximately $8.84 billion in 2026, further cementing his position as Africa’s richest person. The latest valuation, according to the outlet, represents a $4.4 billion increase from his previously estimated $35 billion fortune.
The increase places Dangote ahead of Scott, the billionaire philanthropist and former wife of Amazon founder Jeff Bezos, in Bloomberg’s global wealth rankings.
Much of Dangote’s financial growth has been linked to his $20 billion Dangote Petroleum Refinery, one of Africa’s largest industrial investments. The facility has attracted investor attention as it expands Nigeria’s domestic oil-processing capabilities.
According to the outlet, the refinery reported $4.725 billion in net income for the nine months ending Sept. 30. The facility has a processing capacity of 650,000 barrels of crude oil per day.
Dangote also launched an initial public offering for the refinery Sept. 14, offering 4.1 billion new ordinary shares at 525 Nigerian naira per share. The offering was expected to raise approximately 2.15 trillion naira, opening the business to additional investors.
The subscription period, initially scheduled to close Oct. 13, was extended to provide more investors across Africa an opportunity to participate.
The refinery is part of Dangote’s broader
industrial portfolio, which includes cement, fertilizer, sugar, and other manufacturing operations. His investments have positioned him as a major figure in Nigeria’s efforts to expand domestic production and reduce reliance on imported petroleum products.Despite Bloomberg’s $39.4 billion estimate, other financial publications have placed Dangote’s fortune considerably higher. Forbes recently valued his wealth at approximately $51.3 billion, reflecting differences in how billionaire rankings assess privately held assets.
The differing estimates highlight the substantial value attributed to Dangote’s industrial holdings as his refinery continues to expand its operations.
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