FILE: President of Dangote Group, Alhaji Aliko Dangote
The Wall Street Journal has reported that billionaire industrialist Aliko Dangote is among the biggest beneficiaries of the disruption caused by the recent US-Iran conflict, with his $20bn refinery enjoying rising demand for refined petroleum products.
In a report published on Friday, the newspaper said Dangote was now reaping the rewards of the refinery after enduring years of delays and cost overruns that pushed the project’s cost to about $20bn.
“The huge refinery reached full capacity in February—just in time to supply the world with diesel, jet fuel and gasoline that doesn’t need to pass through the Strait of Hormuz.
“Surging demand for refined petroleum products has boosted Dangote’s wealth by some $4.86 billion since the start of the year, according to the Bloomberg Billionaires Index, bringing his net worth to about $34.8 billion.
