Dangote has added $5.3 billion to his net worth
Aliko Dangote, Africa's richest man, has bounced back from losing $3.6 billion in 2023 and added more than $5.2 billion to his net worth in the first 22 days of 2024.
According to the Bloomberg Billionaires Index, Dangote’s net worth now stands at $20.3 billion, making him the undisputed leader among African billionaires, ahead of South African tycoon, Johann Rupert, who is worth $12.1 billion.
Dangote's fortune has soared thanks to the bullish mood on the Nigerian Exchange. His listed companies have performed well, especially Dangote Cement Plc, which leads the pack.
Dangote Cement, the biggest cement producer in Sub-Saharan Africa with a capacity of 55 million tonnes per year across 10 countries, has seen its share price skyrocket by more than 100 percent since the start of the year.
From N319.9 ($0.357) on January 1, the share price has risen to N651.8 ($0.713) as of the latest update.
Dangote Cement has a market value of over N10 trillion ($11.2 billion) on the Nigerian Exchange, making it a major asset in Dangote's portfolio.
His 86-percent stake in the company is worth about $10.4 billion, accounting for more than half of his net worth of $20.3 billion and cementing his position as Africa's richest person.
Dangote Cement's share price surge coincides with Femi Otedola's strategic investment in the company.
Otedola, another Nigerian billionaire, invested in Dangote Cement because he believes in its potential to earn foreign exchange for Nigeria and support the country's economic recovery.
Otedola praised Dangote Cement for having two export terminals, which gives it a huge advantage to generate foreign exchange that Nigeria needs.
He also noted that the company's recent expansion, which includes a new six-million-tonne plant in Itori, Ogun State, boosts its export capability and shows its commitment to Nigeria's economic diversification.
Dangote's cement business is the main source of his wealth, but he also has profitable ventures in sugar and salt.
Dangote Sugar Refinery and NASCON Allied Industries have increased by 30 percent and 26 percent, respectively, benefiting from the overall market trend.
Dangote's sugar and salt businesses are growing stronger, consolidating his dominance in these vital consumer goods sectors.
His 72.7-percent stake in Dangote Sugar Refinery, now worth over $770 million, suggests more room for growth.
Likewise, his 66.5-percent stake in NASCON Allied, worth more than $125 million, adds a dash of flavor to his diverse portfolio.
Even his minority stakes in Jaiz Bank and United Bank for Africa have grown significantly in 2024.
ID/AE
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