Nigerian billionaire Aliko Dangote has explained why he no longer wants to be called Africa’s richest man, saying he would rather be called the wealthiest man so he can help create wealth for others.
Dangote said his preferred title is linked to his desire to create wealth beyond his own fortune. He made the remarks while speaking about how he wants his wealth to be viewed as he continues with his business activities.
“I don’t want anybody to call me the richest man in Africa again; I want to be called the wealthiest man in Africa so that I can create wealth for others. Thank you,” Aliko Dangote said on Monday, September 14, 2026.
His comments come as his fortune has recently crossed the $50 billion, about Ksh6.5 trillion, mark, according to Forbes. The publication added roughly $20 billion, about Ksh2.6 trillion, to his fortune following a revaluation linked to the Dangote refinery.
Forbes said the change was not triggered by the share sale that opened on Monday, September 14, 2026. Instead, it was linked to a private placement completed in July, where investors paid $2.5 billion, about Ksh324 billion, for a share of the refinery.
Dangote’s wealth and business expansion
The private placement was 270 per cent oversubscribed, according to Forbes. The publication said the deal pushed Dangote’s net worth above $50 billion, about Ksh6.5 trillion and suggested it could rise further as the refinery starts selling shares to individual investors.
Dangote’s comments also come as his business group prepares for another major refining project in Kenya. Nigeria’s Dangote Group is set to hold a groundbreaking ceremony for its planned oil refinery in Lamu on September 30, 2026.
Dangote Group Chairman Aliko Dangote announced the planned launch while speaking to investors and analysts in Botswana. He said the refinery would be developed in partnership with East African governments.
The planned refinery on Kenya’s coast is expected to take up to three years to complete. It will supply refined petroleum products to Kenya and neighbouring countries, with the project expected to help reduce East Africa’s reliance on imported fuels.
The Lamu project is expected to become Dangote Group’s biggest refining investment outside Nigeria. It also comes as the company continues expanding its energy business across Africa, with the Kenya refinery adding to its refining operations outside Nigeria.