Business
Aliko Dangote Remains Africa’s Richest Man, Rises to 65th on Global Billionaires List
Nigerian billionaire and industrialist, Aliko Dangote, has maintained his position as the wealthiest man in Africa, with his fortune rising to an impressive $28 billion.
This makes him the 65th richest person in the world, according to the latest Top 500 Billionaires Index released by Bloomberg.
Dangote’s significant increase in wealth is largely attributed to the successful commencement of operations at his new petrochemical refinery, which is valued at over $20 billion.
The refinery, a major project for the African continent, is expected to boost the Nigerian economy by providing jobs and reducing the country’s reliance on imported petroleum products.
Dangote’s business empire continues to grow, and this latest milestone marks the highest point he has reached on the global billionaires list, having moved up from 83rd place in 2022.
While Dangote dominates the African billionaire landscape, no other individual from the continent comes close to his new ranking.
Johann Rupert, a South African luxury goods tycoon, holds the 174th spot on the global list, with a wealth of $13.6 billion.
Rupert is the chairman of Swiss-based luxury group Richemont, which owns prestigious brands like Cartier and Montblanc.
Nicky Oppenheimer, another prominent South African, is ranked 224th worldwide, boasting a fortune of $11.6 billion.
The Oppenheimer family is well known for its deep roots in the diamond industry, having sold its stake in De Beers, the world’s largest diamond producer, to Anglo American.
Other African billionaires featured on the list include Natie Kirsh of South Africa, ranked 297th with a net worth of $9.25 billion.
Kirsh’s fortune comes from his investments in real estate and distribution businesses across the globe.
Egypt’s Nassef Sawiris ranks 302nd with $9.16 billion, with interests spanning construction, chemicals, and sports, as he holds a significant stake in the English football club Aston Villa.
His brother, Naguib Sawiris, another Egyptian billionaire, is listed 407th with a net worth of $7.37 billion.
Naguib Sawiris is a prominent investor in telecommunications and media, as well as other industries.
At the top of the global billionaires list, American tech moguls continue to dominate.
Elon Musk, the CEO of Tesla and SpaceX, holds the top position with a staggering fortune of $242 billion, making him the wealthiest person on the planet.
Musk’s ventures in electric vehicles and space exploration have catapulted him to the pinnacle of the wealth hierarchy.
Following closely behind is Amazon founder Jeff Bezos, who holds $210 billion in wealth.
Bezos, known for revolutionizing the e-commerce industry, stepped down as Amazon’s CEO but remains one of the richest individuals worldwide.
Other notable names include Mark Zuckerberg, the founder of Meta (formerly Facebook), who ranks third with a net worth of $204 billion.
Zuckerberg’s social media empire continues to be a major force in global communications.
Larry Ellison, the co-founder of Oracle Corporation, is fourth on the global list with $185 billion.
Ellison’s software company has made significant strides in cloud computing and enterprise technology, ensuring his place among the world’s wealthiest.
Dangote’s rise to global prominence highlights the success of African entrepreneurs on the world stage.
His business empire spans across various sectors, including cement, sugar, and now petrochemicals, making him one of the most influential businessmen not only in Nigeria but across the continent.
His refinery project, in particular, is expected to have a transformative impact on Nigeria’s economy, reducing the country’s dependence on fuel imports and boosting local production.
As Dangote continues to break new ground, his success story serves as an inspiration to many, demonstrating the potential of African businesses to compete on a global scale.
His journey from humble beginnings to becoming a global powerhouse showcases the opportunities available in Africa’s growing markets.
With investments in multiple industries, Dangote’s influence is set to expand even further, solidifying his position as a leader in Africa’s economic transformation.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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