Billionaire Aliko Dangote has seen his wealth nearly doubled to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. Forbes had ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion. Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals.

At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.

This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and far above Mike Adenuga, who is the second richest in Nigeria and 481st in the world, with a net worth of $6.8 billion.

Dangote disupted the government’s oil monopoly by building the largest Petroleum Refinery in Africa.

After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year.

Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa.

Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.

The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria, according to energy intelligence firm Vortexa.

Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products.

This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers“I want to provide a blueprint for industrialisation across Africa,” Dangote says in an interview with Forbes.

“We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.”

He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.

”Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.

“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.

Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.

He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.

A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent.

“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding: “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”

Pa Ayo Adebanjo, the Afenifere leader, is dead.

He died on Friday morning at his Lekki residence in Lagos, according to a family statement. He was aged 96.

It reads: “With a heart full of gratitude for a selfless life spent in the service of God, the nation and humanity, we announce the passing on of our beloved patriarch, Chief Samuel Ayodele Adebanjo.

“He died peacefully this morning, Friday, February 14, 2025 at his Lekki, Lagos Nigeria home at the age of 96.

“The foremost nationalist, elder statesman, distinguished lawyer, very distinct politician, apostle of true federalism, former organising secretary of Action Group and the national leader of Afenifere is survived by his 94 year-old wife, Chief Christy Ayo-Adebanjo, children, grandchildren and great grandchildren.

“We will forever cherish his commitment to fighting for truth, equity and justice. His belief and struggle for a truly independent and progressive Nigeria was total and this he fought for until he breathed his last breath.

“The family is consulting with Papa’s friends, associates, numerous interest groups across the length and breadth of Nigeria and beyond, to fine tune plans for a befitting funeral details which will be communicated in due course.

“A condolence register is open at his residence in Lagos (8, Ayo Adebanjo Close, Lekki Phase 1, Lagos) and  his country home in Isanya Ogbo, near Ijebu Ode Ogun State.”

As part of its ongoing transformation from a training institute to a regulatory authority, the Director-General/CEO of the National Institute for Hospitality and Tourism (NIHOTOUR), Aare (Dr) Abisoye Fagade, has embarked on a high-level courtesy visits to key government agencies.

These engagements aim to foster collaboration, enhance industry standards, and strengthen NIHOTOUR’s regulatory framework for the hospitality, travel, and tourism sector.

So far, Dr. Fagade has met with top officials, including Mr. Ayodele Subair, Executive Chairman of the Lagos Internal Revenue Service (LIRS); Prof. Mojisola Adeyeye, Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC); and Hussaini Ishaq Magaji, SAN, Registrar-General of the Corporate Affairs Commission (CAC).

Discussions focused on strategic partnerships to ensure compliance, professional certification, and improved service delivery within the travel, tourism, and hospitality industry.

“Our vision is clear – to build a robust, well-regulated travel, hospitality, and tourism sector that meets global standards. This transition requires strong collaboration with key agencies to align our training, certification, and regulatory frameworks with international best practices,” said Dr. Abisoye Fagade.

With more agencies scheduled for engagement, NIHOTOUR remains committed to promoting excellence, innovation, and sustainable growth in Nigeria’s travel, hospitality, and tourism industry.