Billionaire businessman Aliko Dangote, president of Dangote Industries Limited (DIL), has achieved a new financial milestone, with his net worth reaching $30.3 billion as of Friday, according to the Bloomberg Billionaires Index.

The increase of $2.25 billion has moved Dangote to the 75th position globally, making him the only African in the top 100 richest individuals worldwide.

The milestone follows recent expansions in Dangote’s industrial empire. Dangote Cement, a subsidiary of the group, recently inaugurated a new facility in Attingué, Côte d’Ivoire.

The plant spans 50 hectares and boasts a production capacity of 3 million tonnes of cement annually, ranking it among the largest Dangote facilities outside Nigeria.

Back home, Dangote has continued to make strides in the oil sector. His multibillion-dollar refinery in Ibeju-Lekki, Lagos, became operational in May 2023.

The 650,000 barrel-per-day (bpd) facility sits on 2,635 hectares in the free zone area, producing diesel since January 12, 2024, and petrol from September 3, 2024.

On October 22, Dangote announced plans to list the refinery on the Nigerian Exchange (NGX), selling 5 to 10 percent of its stake over the next year.

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He also noted that the Nigerian National Petroleum Company (NNPC) Limited could increase its stake, currently reduced to 7.2 percent, after the next phase of the project’s expansion is fully underway.

The refinery intends to scale up production to 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which has a capacity of 1.36 million bpd.

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These expansionary moves, however, have stirred controversy within Nigeria’s downstream sector.

In June, the refinery announced a nationwide fuel distribution scheme, supported by the acquisition of 4,000 new compressed natural gas (CNG)-powered tankers.

The initiative, aimed at streamlining fuel supply, was met with resistance from industry players.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned on June 16 that the refinery’s forward integration could create a monopoly, potentially resulting in widespread job losses in the sector.

Despite challenges, Dangote’s industrial and oil ventures continue to solidify his position as Africa’s wealthiest individual, reflecting both the scale of his investments and his ongoing influence on the continent’s industrial landscape.