Dangote retains his position as the richest Blackman with a networth of $20billion

Nigerian business mogul, Aliko Dangote has for the 11th consecutive year, maintained top position as the richest Blackman in recent times. According to Bloomberg’s Billionaires Index, Dangote’s wealth grew by $1.3 billion in January, increasing his wealth to $20.4 billion.

The report says Dangote Cement Plc, the cement manufacturing company of the business magnate grossly contributed to the current surge in wealth. According to Bloomberg, the recent share buy-back drive by the company equally boosted his value of the.

Bloomberg says, this January alone, Dangote “Closed at the highest since 2010 on Friday, adding to the 11% gain in 2022 compared with 7.59% by the main board of the Lagos-based Nigerian exchange.”
The fascinating thing about the Nigerian Billionaire’s wealth is that, it was understated because, his refinery project which is currently ongoing has not been factored into the calculations. The value of the refinery was estimated at a cost of $19 billion.

When complete, the facility which is located in Lekki – Nigeria will produce at a capacity of a whooping 650,000 barrels per day of crude oil. This will make it the largest single-train refinery in the world.
Dangote’s influence has moved beyond the confines of Nigeria, Africa and the world. In a recent statement, his refinery was tipped by African Petroleum Producers Organisation (APPO) as one with capacity to save the continent from the over reliance on the importation of petroleum products.

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APPO said, “currently, Africa’s daily petroleum demand is 4.3 million barrels per day (mbd). Of this volume, 57 per cent is produced locally (on the continent) while 43 per cent is imported. When Dangote is fully operational, the percentage of Africa’s products imported shall drop to 36 per cent. This is even as the total volume of products demand rises to 5.4 mbd.”

Similarly, Akinwumi Adesina, president of African Development Bank (AfDB) described the refinery as a “game changer” after touring the facility. “The Dangote Group is an “Africa growth accelerator… I am completely blown away by the magnitude of what I see here … This is a world-class industrial complex that will make Nigeria and Africa proud.” He said

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