Aliko Dangote becomes first African, first Black billionaire worth over $30 billion

Aliko Dangote, Africa’s richest man and founder of Dangote Group, has become the first African and first Black person worth more than $30 billion, according to Forbes. The magazine said his net worth rose to $30.3 billion from $28.5 billion at the start of 2026, an increase of $1.8 billion, cementing his position as Africa’s richest person and the richest Black individual globally. 

The latest estimate comes about six months after Bloomberg reported that the Nigerian businessman and industrialist crossed the $30 billion mark. At the time of drafting his report, Forbes values his net worth at $30.3 billion, while the Bloomberg Billionaires Index puts it at $33.7 billion, ranking him 70th globally. The estimates reflect different valuation methods used by the two indexes respectively across both rankings as of latest update data point. 

The difference between both estimates largely comes from how they value his industrial assets. Bloomberg includes about $3 billion tied to Dangote’s fertilizer business, while Forbes does not. The fertilizer plant, one of the largest on the continent, has the capacity to produce as much as 2.8 million tonnes of urea each year and has become a major part of his wider industrial empire.

Aliko Dangote’s wealth rises on cement rally 

A large share of Dangote’s recent wealth increase is tied to his 86.82 percent stake in Dangote Cement Plc, Africa’s biggest cement producer. Shares of the Lagos-listed company have climbed more than 54 percent since the beginning of the year, pushing its market value to N15.05 trillion ($11 billion). That rally lifted the value of Dangote’s personal stake to $9.52 billion at the time of reporting, making cement one of the strongest drivers of his current net worth.

The gains are also coming with another major payday. Dangote Cement is preparing to pay one of the biggest dividends in its history, highlighting the strong cash generation of the business even as Dangote expands deeper into energy and refining. With his 14.65 billion shares in the company, Dangote is expected to receive N659.2 billion ($490 million) from the dividend payout. As the largest shareholder, he remains the main beneficiary of its strong earnings.

Dangote Cement dividend backed by record profit 

Dangote Cement remains central to his business empire. The company has a total production capacity of 55 million tonnes per year across Africa, with Nigeria accounting for 35.25 million tonnes. Its largest operations include the Obajana plant in Kogi State and the Ibese plant in Ogun State. Obajana, with a capacity of 16.25 million tonnes across five lines, is the largest cement plant in Africa. Ibese operates four lines with an annual capacity of 12 million tonnes. 

Strong earnings helped support the record dividend. Dangote Cement reported profit of N1.02 trillion ($745.49 million) for the latest financial year, more than double the N503 billion posted a year earlier. It was the first time the company crossed the N1 trillion profit mark, helped by stronger pricing, improved operating efficiency, and steady demand across its key markets.

Revenue rose 20.27 percent to N4.31 trillion ($3.16 billion), supported by stronger sales in Nigeria and other African markets. The company also improved its balance sheet, with net debt falling sharply to N683 billion ($500.2 million) from N2.06 trillion ($1.51 billion) a year earlier. Total assets stood at N6.04 trillion ($4.42 billion), slightly below the previous year, showing a more disciplined capital structure as the cement giant continues to expand.