Bloomberg ranks the Nigerian industrialist 54th in the world as his Lagos refinery swings from loss to profit ahead of its stock market listing.

Nigerian billionaire Aliko Dangote has added $4.4 billion to his estimated fortune, as the improved performance of his Lagos-based oil refinery has strengthened the value of his industrial empire.

Dangote climbs Bloomberg’s rich list

Bloomberg’s Billionaires Index valued Dangote’s wealth at $39.4 billion as of Oct. 29, placing him 54th among the world’s richest people.

The figure represents an increase from $35 billion in an earlier valuation. It puts him ahead of American philanthropist MacKenzie Scott, whose fortune stood at approximately $36 billion.

Refinery swings to a $4.73 billion profit

The rise coincides with a sharp financial turnaround at Dangote Petroleum Refinery and Petrochemicals. The company reported a net profit of $4.73 billion for the nine months ending Sept. 30, 2026, reversing a $117.2 million loss recorded during the same period last year.

Revenue climbed to $22.48 billion from $9.19 billion, while earnings before interest, taxes, depreciation and amortization reached $5.52 billion.

What drove the turnaround

The refinery attributed the improved results to increased processing volumes, stronger refining margins and more reliable operations.

Its financial position also improved, moving from $1.73 billion in net debt in September 2025 to a net cash position of $650.8 million a year later.

IPO draws strong demand

The development comes as Dangote expands ownership opportunities in the 650,000-barrel-per-day facility. Its initial public offering closed on Oct. 28 after attracting investor demand worth approximately $4.77 billion, more than three times the amount offered.

Shares are expected to list on the Nigerian Exchange later in November.