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The Wall Street Journal says billionaire businessman Aliko Dangote has emerged as one of the major beneficiaries of the recent US-Iran conflict, with increased global demand for products from his $20 billion refinery.
According to the report, the refinery reached full production capacity in February, enabling it to supply diesel, jet fuel and petrol without relying on the Strait of Hormuz, where shipping disruptions have affected global energy markets.
The newspaper, citing the Bloomberg Billionaires Index, said stronger demand for refined petroleum products has increased Dangote’s wealth by about $4.86 billion this year, raising his estimated net worth to $34.8 billion.
The report added that refinery output has grown by more than 70 per cent in 2026, driven by rising exports and increased demand across sub-Saharan Africa and Europe.
Dangote Industries’ Vice-President, Devakumar Edwin, disclosed that the company plans to list the refinery on the Nigerian Exchange later this year at a valuation of at least $50 billion, while also pursuing a secondary listing, likely in New York.
He also revealed plans to expand the refinery’s capacity to 1.4 million barrels per day by 2028 through a $13 billion investment, alongside a proposed $15 billion refinery-and-port project in Lamu, Kenya.
Despite the refinery’s strong performance, the report noted that securing sufficient local crude oil remains a challenge due to supply constraints faced by the Nigerian National Petroleum Company Limited.
Dangote Industries is also planning to strengthen its distribution network through additional vessels, a logistics hub in Namibia and a pipeline to supply refined products to landlocked African countries.
