Dangote makes over N30bn in hours after donating N8bn at IBB’s book launch, gets new ranking

According to data from Forbes, Dangote’s wealth jumped by N30.03 billion ($20 million) on Friday, February 21.

Dangote is now worth $23.9 billion and ranked the 84th richest man in the world.

Dangote donates N8 billion

The Nigerian billionaire’s newfound wealth comes hours after making a substantial donation at the book launch event of former Nigerian President Ibrahim Badamasi Babangida (IBB) titled, ”A Journey in Service”.

The event was also the fundraising for the IBB Presidential Library Project, which was held at Transcorp Hilton Hotel, Abuja.

Dangote made a generous contribution of N8 billion towards the library project.

DailyTrust reported that the Dangote donation is to be paid at N2 billion annually over the four years allocated for the project’s completion.

He further pledged that if the project extended beyond this timeframe, he would continue to donate N2 billion annually until it was completed.

Other prominent Nigerians also pledged contributions to the construction of the library, with Alhaji Abdul Rabiu, the Chief Launcher and Founder of BUA Group, donating N5 billion.

Theophilus Danjuma, the co-chief launcher and founder of the TY Danjuma Foundation donated N3 billion.

Business mogul, Chief Arthur Eze, contributed N500 million, while Senator Sani Musa (Niger East) donated N250 million, and Mustafa Chike-Obi of Fidelity Bank gave N100 million, among others.

Dangote’s source of wealth According to Bloomberg, Dangote makes his money from a collection of industrial assets through his Lagos-based company, Dangote Group.

His biggest asset is the Dangote Oil Refinery, Africa’s largest refinery, which began operations in early 2024.

He owns a 92.3% stake in the project, which is valued based on its construction cost of $20 billion.

He also owns a fertilizer plant with the capacity to produce up to 2.8 million tonnes of urea annually.

Several of Dangote Group’s companies are listed on the Nigerian Stock Exchange. He owns 86% of the country’s largest cement producer, Dangote Cement, as well as stakes in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa.