President of Dangote Group, Aliko Dangote has emerged as 64th richest person in the world with an estimated $16.6 billion, as against his previous ranking of 103rd in the world.
Dangote, who remains the richest man in Africa for the 8th year running, was the only Nigerian on the list of the top 500 billionaires, as released by Bloomberg in its yearly billionaires list.
The number one position is retained by Jeff Bezos with an estimated net worth of $136 billion while Bill Gates and Warren Buffett ranked second and third respectively with $98.4 billion and $83 billion on the list that is dominated by North Americans.
The cement plant and its two sister factories in Nigeria have long been the bedrock of Dangote’s fortune, Africa’s biggest
According to Bloomberg, construction of a vast oil refinery—a $12 billion project—is under way. If all goes according to plan, the complex will immortalize the 61-year-old Nigerian businessman as Africa’s most prominent industrialist, vaulting Dangote Industries’ annual revenue from $4 billion to about $30 billion, roughly 8 percent of Nigeria’s gross domestic product.