Aliko Dangote's wealth grows by US$541 million despite Nigeria's cash woes

Amidst a chaotic cash shortage in Nigeria, where citizens are forced to wait for hours to withdraw a meager $43 from their savings in banks, causing a disruption in business activities for millions of people, Africa’s wealthiest man Aliko Dangote has seen a significant increase in his wealth since the start of the year.

The Nigerian billionaire, who has built his vast fortune from several businesses in the country, has seen his net worth increase by $541 million, cementing his status as the richest man in Africa, ahead of Johann Rupert, Nicky Oppenheimer, and Abdul Samad Rabiu.

Dangote’s net worth stands at $19.2 billion, an increase of $541 million from his previous net worth of $18.7 billion at the beginning of the year. According to Bloomberg, he now ranks as the 86th wealthiest person globally.

While Nigerians face cash shortages that have disrupted financial transactions and overwhelmed the digital payments system, Aliko Dangote has seen his net worth surpass the $19-billion mark, according to the Bloomberg Billionaires Index.

The development has occurred amid the political backdrop of the country’s upcoming presidential elections, where a candidate has suggested that the redesign of the naira is an attempt to impede or postpone the polls, and amid the controversial decision by Central Bank Governor Godwin Emefiele to replace N2.7 trillion ($5.85 billion) of cash outside the banking system.

The billionaire businessman’s impressive $541-million wealth gain so far this year can be attributed to the success of Dangote Cement Plc, Africa’s largest cement manufacturer, in which he holds an 86-percent stake.

The company’s share price has increased by single digits from N261 ($0.568) on Jan. 1 to N270 ($0.588), boosting its market capitalization beyond the N4.6 trillion ($10 billion) mark and pushing the market value of Dangote’s stake above $8.5 billion.

Dangote’s wealth is expected to soar even higher, potentially making him the first African and Black person to amass a fortune of $30 billion, as he prepares to commission his 650,000-barrel-per-day Dangote Refinery and Petrochemical Ltd. later this year. The completion of this project is set to provide a whopping $18 billion boost to his net worth.

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