Africa’s wealthiest individuals have reached a historic milestone, with their combined net worth surpassing $100 billion for the first time. According to Forbes’ 2025 rankings, the continent’s billionaires now hold a collective fortune of $105 billion, a significant jump from $82.4 billion in 2024. Dangote Retains Africa’s Richest Title Nigerian business mogul Aliko Dangote has…
Africa’s richest man and Dangote Group president, Aliko Dangote, has revealed the immense struggles he endured while building his $20 billion oil refinery in Lagos, describing the process as one that put him “through hell.” In an interview with the Wall Street Journal, Dangote detailed the daunting challenges that accompanied the construction of what is…
Dangote Refinery has raised concerns over a nearby facility allegedly involved in the blending and sale of substandard petroleum products in Nigeria. The company claims that an international trading firm recently acquired a depot adjacent to its own premises, reportedly to produce and distribute low-quality fuel to the Nigerian market in direct competition with Dangote’s…
The Dangote Refinery is set to commence crude oil production, as reported by S&P Global Commodity Insights. Despite ongoing difficulties in securing feedstock, the refinery is preparing to tap into its Niger Delta upstream projects, located in Oil Mining Leases (OML) 71 and 72. Production is expected to start at around 20,000 barrels per day…
In July 2024, companies under the Dangote Group experienced a significant drop in market capitalization, shedding approximately N1.21 trillion. The decline affected Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries, amid ongoing challenges faced by the Dangote Refinery. During the month, the share prices of Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries…
