Aliko Dangote, chairman of Dangote Group and Africa’s richest man, told an audience in Lagos on Monday that he no longer wants to be described as the continent’s richest man. He said he would rather be called its wealthiest man.
Dangote made the comment at the Nigerian Exchange during the formal launch of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.
“I don’t want anybody again to call me the richest man in Africa,” he said. He explained that the title he prefers reflects his goal of creating wealth for other people, not just holding it for himself.
He tied that goal directly to the IPO. He described the share sale as a chance for ordinary Nigerians, including traders, drivers, cooks and managers, to own a stake in the refinery, which he called an “IPO for the people.” He urged Nigerians to use the offering to deepen the country’s capital market and build prosperity through wider business ownership.
Dangote also spoke about the cost of building his business empire. He thanked his three daughters for what he called their understanding of the years he spent away from the family while growing the company. He said the wealth created through the business would now pass to the next generation.
At the same event, Dangote disclosed that he bought his first private jet at 22.5 years old. He described his decades in business as rewarding but said his priorities have shifted with age. He said he regularly encourages Nigerians who own extremely expensive aircraft, some worth nearly $900 million, to invest that money in production instead. He argued that Nigeria cannot reach its full economic potential without greater investment in productive industry.
The Dangote Petroleum Refinery, located in Lagos, was built at a cost of about $20 billion and has a production capacity of 700,000 barrels of crude oil per day. Reports on the IPO’s opening hours said it raised ₦1.5 trillion within the first six hours of trading.
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Forbes’ real-time tracker placed Dangote’s net worth at $51.3 billion as of September 15, 2026, ranking him 36th in the world and first among Africa’s billionaires. He is 69 years old and has three children.
Dangote closed his remarks at the IPO launch with a call for collective effort. “Together, let us build a stronger Nigeria,” he said.
