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Forbes: Aliko Dangote’s wealth surges by almost 100% to $23.9bn, now 86th richest in the world
Nasiru Yusuf Ibrahim
Billionaire Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion.
KANO FOCUS reports that Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.
This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.
Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa. Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.
The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa. Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.
Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.
“I want to provide a blueprint for industrialisation across Africa,” Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.” He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.
“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”
Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.
“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.
A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent.
“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding, “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”
Nasiru Yusuf Ibrahim
The Kano State Government says it has executed 1,508 development projects worth more than N928 billion across the state’s 44 local government areas since Governor Abba Kabir Yusuf assumed office, with about 80 per cent of constituency projects awarded between 2023 and 2025 already completed.
KANO FOCUS reports that the Commissioner for Public Procurement, Projects Monitoring and Evaluation, Comrade Nura Iro Ma’aji Sumaila, disclosed this during an international press briefing on the administration’s infrastructure development programme.
According to Mr Sumaila, the projects cover critical sectors including roads, urban renewal, education, healthcare, security and other social infrastructure.
He said 799 of the projects have been completed, while 709 are at various stages of execution. He added that the state is also implementing 619 constituency projects through members of the Kano State House of Assembly.
The commissioner noted that about 80 per cent of the constituency projects have been completed. However, he said some projects remain unfinished because of rising construction costs caused by inflation.
He said the government has submitted a request to Governor Abba Kabir Yusuf for an upward review of contract sums to enable contractors complete the affected projects.
Breakdown of projects
Mr Sumaila said the administration spent over N169 billion on urban renewal projects, including road rehabilitation, drainage construction and other metropolitan infrastructure.
He said another N118 billion was committed to constructing five-kilometre roads in 38 local government areas to improve connectivity across the state.
According to him, the government also awarded contracts worth over N6.8 billion for the construction of Kano State Neighbourhood Watch security divisions in 36 local government areas.
He added that rural infrastructure projects covering education, healthcare and other social interventions across the 44 local government areas account for contracts valued at more than N397 billion, while other ongoing projects have a combined value of about N255 billion.
Commitment to transparency
The commissioner said the Ministry of Public Procurement, Projects Monitoring and Evaluation would continue to ensure compliance with due process and technical standards in the execution of government projects.
He said the ministry’s mandate includes monitoring projects to ensure value for money and prudent utilisation of public resources.
According to him, the administration’s investments in infrastructure are intended to improve mobility, strengthen security, expand access to education and healthcare, improve water supply and stimulate economic growth across the state.
Nasiru Yusuf Ibrahim
Kano State has emerged as the highest-ranked sub-national government in the Economic Community of West African States (ECOWAS) for education spending, according to the latest Sub-National Education Spending Index developed by the University of Paris.
KANO FOCUS reports that the ranking places Kano State first among 209 first-level sub-national governments across 15 ECOWAS member countries, underscoring the state’s growing reputation for prioritising investment in education.
According to the published index, Kano topped the rankings with an overall S-WAESI score of 87.21, outperforming other leading regions, including Dakar and Saint-Louis in Senegal. Lagos State was the second Nigerian state on the list, ranking 16th overall.
The assessment evaluated states and regions using the S-WAESI (Sub-National Weighted Aggregate Education Spending Index) methodology, which measures government commitment to education through indicators such as actual education expenditure, spending per student, budget execution, education priority, transparency and evidence-based reporting.
The methodology assigns 35 points to actual education spending, 25 points to spending per student, 20 points to budget execution, 10 points to education priority and 10 points to transparency.
The report indicated that Kano excelled largely due to its strong actual education spending and budget execution, making it the best-performing sub-national government in the region.
The ranking covered states, regions, districts and municipalities across Nigeria, Senegal, Ghana, Côte d’Ivoire, Sierra Leone, Liberia, Benin, Burkina Faso, Mali, Niger, Togo, Guinea, Guinea-Bissau and Cabo Verde.
Kano State Accountability Forum on Education (K-SAFE) said the recognition reflects Kano State Government’s sustained investment in expanding access to education, improving school infrastructure and strengthening educational planning and budget implementation.
KANO FOCUS reports that the achievement is expected to further boost the state’s profile as a leader in education reform within West Africa and provide additional momentum for ongoing efforts to improve learning outcomes across the state.
The latest ranking comes amid renewed attention on education financing across ECOWAS, with experts increasingly emphasising transparent budgeting, efficient resource utilisation and sustained public investment as critical drivers of quality education.
Nasiru Yusuf Ibrahim
Kano State has emerged as one of the biggest beneficiaries of the World Bank-supported HOPE Governance Programme after qualifying for a total of $3.5 million in performance-based incentives for implementing key governance, education and healthcare reforms.
KANO FOCUS reports that the World Bank, through the HOPE Governance Programme domiciled in the Federal Ministry of Budget and Economic Planning, approved $27 million in incentives for states that successfully met the Year Zero Disbursement-Linked Results (DLRs).
The National Coordinator of the HOPE Governance Programme, Assad Hassan, announced the incentives on Tuesday in Abuja during a retreat attended by commissioners, permanent secretaries and directors of budget and planning from the 36 states and the Federal Capital Territory.
A statement issued by the programme’s Communications Officer, Joe Mutah, said the incentives were based on the recommendations of the Interim Independent Verification Agent, which assessed states’ performance against agreed reform indicators.
Kano ranked among the highest-performing states, qualifying for incentives under three separate reform indicators.
The state will receive $1.5 million under Disbursement-Linked Result (DLR) 2.1 for adopting comprehensive guidelines for the preparation and submission of consolidated work plans for the state basic education budget.
It also qualified for another $1.5 million under DLR 2.2, which recognises states that adopted comprehensive guidelines for consolidated work plans for state primary healthcare budgets.
In addition, Kano secured $500,000 under DLR 2.3 for adopting harmonised budget guidelines and a unified chart of accounts for local governments.
Altogether, the state is expected to receive $3.5 million, making it one of the top-performing states under the programme.
Only five states—Bayelsa, Borno, Kano, Kebbi and Yobe—qualified for both the education and healthcare planning incentives, earning $3 million each from the two indicators alone.
Kano further distinguished itself by qualifying under the local government budgeting reform indicator, increasing its total allocation to $3.5 million.
The state also featured among 15 states that met the requirements under DLR 4.1, which rewards states for publishing their 2025 Citizens Budget for basic education and primary healthcare by February 28, 2025. Each qualifying state under this indicator will receive $500,000.
Other states that qualified under DLR 4.1 are Abia, Bayelsa, Borno, Edo, Ekiti, Enugu, Imo, Jigawa, Kebbi, Kogi, Nasarawa, Ondo, Plateau and Yobe.
According to the programme, the performance-based incentives are designed to encourage states to strengthen governance systems, improve budget transparency and enhance planning in the education and primary healthcare sectors.
KANO FOCUS reports that the HOPE Governance Programme is a World Bank-supported initiative implemented through the Federal Ministry of Budget and Economic Planning to promote improved public financial management and better service delivery across Nigeria’s states.
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