The richest man in Africa for several years, Aliko Dangote built his empire in the cement industry. A look back at the career of this Nigerian today ranked in the top 100 of the greatest fortunes in the world.
There are children whose future could be predicted. Born in 1957 in Kano, the second largest city in Nigeria, little Aliko Dangote developed an appetite for trade very early on. Notably because he grew up in a business environment, his grandfather being a successful merchant of grain and goods. Influenced by his ancestor, he buys in his prime youth sweets that he gives to others for them to sell, while keeping the profits. Unsurprisingly, Aliko Dangote is studying business management at Al-Azhar University in Cairo, Egypt.
Making Nigeria self-sufficient
In his twenties and full of ambition, the young man founded Dangote Cement in 1977 thanks to a loan of 500,000 dollars from his uncle. The small company specializes in trading sugar, rice and… cement, a rare – and therefore expensive – product in Nigeria. Quickly, his company prospered, becoming a major player in the importation and distribution of this type of products, enriched by tomatoes and fertilizers. He is even trying to open a bank – a project that stopped due to bankruptcy. The aspiring industrialist still benefits from a geopolitical and fiscal context that he draws in his favor. According to the RTS media, the coup d’état of the military junta and the imprisonment of several businessmen in his country in the 1980s allowed him to extend his influence, while benefiting from tax concessions against funding for electoral campaigns.
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In the years 1990/2000, the businessman invests in the local industry and passes from distributor to producer. It thus becomes the largest cement producer in Africa with a capacity of 48.6 million metric tons per year and a presence in 10 African countries. With Dangote Sugar Refinery and Dangote Flour Mills, it dominates the Nigerian food markets, such as sugar, flour, salt, and pasta.
In addition to these businesses, Aliko Dangote has a larger vision: to make Nigeria self-sufficient. It regularly values collaborations with local governments and entrepreneurs and prioritizes the African economy. During a summit at the end of June 2025, this football enthusiast indicated that ‘Africa will be great only by Africans’. « We need to create African groups, transform our resources before exporting them, create value. Otherwise, we will remain dependent and poor”. In addition to trade, the Nigerian finances initiatives related to health, education, and the fight against poverty through the Dangote Foundation.
+10 billion dollars in one year
In recent years, the businessman has embarked on a completely different project: building one of the largest oil refineries near Lagos. With a cost estimated between 20 and 23 billion dollars according to the sources, the Dangote Refinery began its construction in 2016, the year when Aliko Dangote’s fortune hovers around 15.4 billion dollars according to Forbes. After years of construction and despite some delays, the refinery began to refine a small amount of oil in early 2024, an “immense relief” for the billionaire. A fertilizer factory, inaugurated on the same site, also began operations in March 2022.
The refinery processed around 350,000 barrels of crude per day during the second half of 2024. In January, it processed 500,000 barrels per day. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Dangote refinery had access to approximately 99.5 million barrels of crude during the first half of 2025, or 550,000 barrels per day. Firmly believing in this project, Aliko Dangote retired from the presidency of Dangote Cement, of which he holds 86% of the capital, to focus on the refinery. His daughter Mariya Aliko – from a family of three children – entered the board, suggesting a transfer of power to the family.
If the investment in the refinery was colossal and could not be riskier, Aliko Dangote is now reaping the benefits. According to the Forbes ranking 2025, his fortune is estimated at 23.9 billion dollars, thus including the value of the refinery, compared to 13.4 billion a year ago. Today, the businessman is the 83rd wealthiest person in the world.
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Featured photo : © DR
