Iran war boosts Aliko Dangote's fortune by $5 billion - Report

The war in Iran has increased demand for fuel from Aliko Dangote’s $20 billion refinery in Lagos, helping to boost the Nigerian billionaire’s wealth by more than $5 billion since February.

According to a New York Times report, the Dangote Refinery has emerged as an important fuel supplier as disruptions in the Middle East and Russia force countries to seek alternative sources.

The refinery reached full operating capacity shortly before the United States and Israel launched attacks on Iran on February 28, 2026.

Iran’s closure of the Strait of Hormuz, a major route for global oil supplies, disrupted fuel shipments, while Ukrainian attacks on Russian refineries and tankers further reduced supplies to Africa.

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“When the war broke out, traders and governments from all around the world, especially in Africa, started calling us for supplies,” Dangote Industries Vice President Devakumar Edwin said.

The report said the refinery exported jet fuel to the United States for the first time this year. S&P Global Energy Vice President Daniel Evans said it was the world’s single largest exporter of jet fuel in April and May.

Edwin also said the refinery became Europe’s largest supplier of jet fuel and diesel last month.

Dangote refinery emerges as key supplier

The New York Times said the crisis had exposed Africa’s dependence on imported refined petroleum products.

Although nearly two dozen African countries produce crude oil, much of it is exported for refining elsewhere.

East Africa received more than 65% of its refined petroleum products from the Middle East last year. By April, nearly a third of petrol stations in Kenya had reportedly run out of fuel.

“When the Iran war broke out, the Dangote Refinery was a lifeline to buyers who previously depended on the Persian Gulf for oil products,” Platts senior analyst Matthew Tracey-Cook said.

The refinery’s growing international role has, however, not prevented fuel prices in Nigeria from rising, raising concerns among consumers who had expected local refining to help bring prices down.

Dangote plans further expansion

Dangote is now planning further expansion of the refinery and his wider energy business.

The refinery has secured $1 billion from a Dubai-based investment group to support a planned listing on the Nigerian Exchange. The company also intends to double its refining capacity.

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Beyond Nigeria, the group is exploring plans for a refinery in Kenya as well as a pipeline that could cross 11 African countries.

“We will supply Africa,” Edwin said.

Dangote, 69, built his fortune through businesses including cement, sugar and salt. However, the New York Times report suggests that his Lagos refinery is becoming increasingly important to both his business empire and his growing wealth.

DR/MA