Africa’s richest man, Aliko Dangote, has emerged as one of the biggest corporate beneficiaries of the Iran conflict, according to a report by New York-based financial publication, The Wall Street Journal, which says the Nigerian billionaire’s multibillion-dollar refinery is profiting from shifts in global energy markets.
The newspaper reported that Dangote’s $20 billion refinery, which reached full operating capacity earlier this year, has seen demand for its gasoline, diesel and jet fuel surge as buyers seek supplies that are not dependent on shipping through the Strait of Hormuz.
Citing the Bloomberg Billionaires Index, The Wall Street Journal said Dangote’s net worth has increased by about $4.86 billion since the beginning of the year to roughly $34.8 billion, making him one of the world’s wealthiest individuals.
The report noted that the refinery, after years of delays and cost overruns, has become one of the largest exporters of refined petroleum products from Africa. It said output of gasoline, diesel and aviation fuel has risen sharply this year, with exports expanding across sub-Saharan Africa and into Europe. Related News Dangote Refinery raises Africa’s largest private capital ahead IPO Afrobeats strikes gold abroad as Super Eagles miss consecutive World Cups Overregulation chokes businesses as government moves to simplify rules
