Africa’s richest man, Nigerian tycoon Aliko Dangote, has agreed to step in and bolster Cameroon’s supply of refined petroleum products, the West African nation’s refinery company Sonara has announced.
Sonara, whose local plant was wrecked in a 2019 fire that forced Cameroon to become a net importer, said the deal would help the country keep prices down and avoid the risk of fuel shortages caused by geopolitical instability.
“This agreement is of fundamental importance in the current context of tensions in the Middle East,” Sonara Director General Harouna Bako said in a statement dated October 29.
He owns an oil refinery in Nigeria and has interests throughout the continent.
Africa currently imports more than 70 percent of its refined fuel, according to an Africa Finance Corporation (AFC) report in April.
A great-grandson of colonial era Nigeria’s wealthiest businessman, Alhassan Dantata, Dangote exhibited signs of business acumen early in his childhood — buying sweets before peddling them to his schoolmates, when he was just eight years old.
Now at 69, his riches outstrip everyone on the continent, with a worth of $35.7 billion, according to the Bloomberg billionaires index, while Forbes estimates his fortune at $51.3 billion.
His vision for Africa and better grasp of the local markets over decades has helped him gain a competitive edge over foreign multinationals in fields like manufacturing and fossil fuels.
“By 2030, the majority of African countries will be self-sufficient,” he told AFP in Kenya last month when asked about when Africa would no longer need to import fuel.
– ‘Indefatigable, foresighted’ –
As he launched his 700,000 bpd refinery in Kenya worth $16 billion, Dangote declared: “This is Africa coming together to build Africa”.
“We’re breaking ground for a new chapter in Africa’s industrial journey to a brighter future,” Dangote said.
After graduating from Egypt’s Al-Azhar University, Dangote started trading in cement, rice and sugar.
He was later to start producing those commodities, building mega factories and expanding operations into at least 14 African countries.
By 2030, he aims to make the Dangote Group Africa’s first $100-billion company.
Time Magazine listed Dangote as one of the world’s 100 most influential people in 2026.
“He is indefatigable, resilient and foresighted. He is one of the greatest African entrepreneurs of our time,” Nigerian business leader and philanthropist Tony Elumelu was quoted as saying in Time Magazine.
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