Aliko Dangote’s wealth has almost doubled, reaching $23.9 billion, according to Forbes. This makes him the richest man in Africa and places him 86th in the world.

Last year, Forbes ranked him 144th with a fortune of $13.4 billion. His sharp rise comes mainly from his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals.

At 67 years old, Dangote has returned to the global top 100 billionaires list for the first time since 2018.

His closest African rival, Johann Rupert from South Africa, sits at 161st with $14.4 billion. Fellow Nigerian businessman Mike Adenuga is placed at 481st with $6.8 billion.

Dangote’s new wealth is fueled by his $23 billion refinery in Lagos. The refinery, built on 6,200 acres in the Lekki Free Zone, is the largest in Africa and among the biggest worldwide.

It can process up to 650,000 barrels of crude oil daily, ranking it the seventh-largest refinery globally. The site also includes a petrochemical plant that produces 3 million metric tons of urea each year, making it Africa’s biggest fertilizer producer.

Speaking on his vision, Dangote said the refinery is part of a plan to industrialize Africa.

“We must build our nation and our continent ourselves, not depend on foreign investment,” he told Forbes.

Reflecting on the project, he described it as the biggest risk of his life.

“If this didn’t work, I was dead,” he added.