Africa’s richest man, Aliko ?angote, has seen his wealth more than double to $27.8 billion following the long-awaited opening of his Nigerian oil refinery, according to the Bloomberg Billionaires Index.
The ?angote Refinery in Lagos is the biggest single-train oil refinery in the world and one of the most complex, capable of processing most global crude types. It has the potential to transform Nigeria’s economy by making the country self-reliant for fuel.
The 67-year-old Nigerian industrialist now leads one of Africa’s most ambitious private enterprises: a refinery poised to transform Nigeria’s energy sector. By producing refined petroleum products domestically, the facility aims to reduce the nation’s reliance on fuel imports, a burden that has hindered its economy despite Nigeria being the continent’s largest crude oil producer.
?angote, currently ranked 65th on the global wealth list, is recognised as the wealthiest person in Africa.
Through his Foundation, ?angote donates millions annually and aims to contribute $10 billion in the future. He has also reportedly begun to contemplate a transition, considering handing over the company to his children and family members, including his grandson, who will graduate from college next year.
?angote mentioned that he has two homes—in Kano and Lagos—and often stays in a rented apartment during visits to Abuja.
