Femi Ashekun/
Africa’s richest man, Aliko Dangote, has suggested that his true wealth may be significantly higher than estimates published by global wealth trackers, arguing that some of his most valuable businesses have yet to be fully reflected in public valuations.
Dangote made the remarks during a street-style interview with content creator, James Dumoulin of School of Hard Knocks, a clip later shared by DW Africa, where he was asked about the highest amount of money he had ever made in a single year and how he viewed estimates of his personal fortune.
Responding to a question about earnings, the Nigerian industrialist said his businesses generated about $10 billion in the first quarter of the year alone, underscoring the scale of the conglomerate he has built across cement, fertiliser, sugar, salt and petroleum refining.
The billionaire businessman also cast doubt on the accuracy of widely circulated estimates of his net worth.
“They say I’m worth $38 billion, but most of our businesses are not listed yet,” Dangote said, suggesting that the market value of several privately held assets within the Dangote Group may not yet be fully captured by wealth rankings.
His comments come amid a sharp rise in his estimated fortune following the commencement and expansion of operations at the Dangote Petroleum Refinery, widely regarded as one of the most ambitious industrial projects in Africa.
Bloomberg recently valued Dangote’s fortune at about $36.8 billion, while Forbes’ real-time tracker placed his wealth above $32 billion in early June.
The differing figures reflect the contrasting methodologies used by the two organisations in valuing private assets and unlisted businesses.
Analysts have long argued that the valuation of Dangote’s privately held assets, particularly the refinery and fertiliser businesses, remains one of the biggest variables in determining his actual net worth.
Bloomberg’s methodology has been described as conservative in its treatment of some of those assets, while market observers have suggested that future public listings could significantly increase the estimated value of his holdings.
The refinery, which began refining operations in 2024 and is expected to be listed publicly in the future, has become a major driver of Dangote’s growing wealth.
Several reports indicate that the project has transformed perceptions of the billionaire’s industrial empire and helped propel him further up the global rich list.
Beyond wealth and business, Dangote also reflected on the legacy he hopes to leave behind.
Asked how he would like to be remembered, he replied: “As somebody who industrialised Africa.”
The statement echoes a long-standing ambition that has defined much of his business career.
Over the past three decades, Dangote has built manufacturing and industrial operations across multiple African countries, becoming one of the continent’s most influential investors and a symbol of indigenous industrialisation.
His remarks are likely to reignite debate over how billionaire wealth is measured, particularly in emerging markets where some of the most valuable assets remain privately held and are therefore difficult to value with precision.
With the Dangote Refinery continuing to scale operations and speculation growing over potential future listings of key businesses, the gap between official wealth estimates and Dangote’s own assessment of his fortune may remain a subject of intense interest among investors and market watchers.
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