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Business News Sat, 21 May 2022

Nigerian billionaire Aliko Dangote becomes world’s 61st richest man - Report

Aliko Dangote, Nigerian billionaire and the founder of Africa’s most diversified manufacturing conglomerate, Dangote Group, has surpassed $21 billion in net worth for the first time since 2014 when his wealth fell from $25.7 billion to below $15 billion.

The news comes as shares in his cement company, Dangote Cement Plc, which is listed on the Nigerian Exchange, reach an all-time high price of N300 ($0.7224) per share, bringing the cement company’s market capitalization to N5.11 trillion ($12.3 billion).

Dangote, Africa’s richest man and the only Black billionaire worth more than $15 billion, derives the majority of his net worth from his 86-percent stake in Dangote Cement, which is now valued at $10.6 billion.

According to data from the Bloomberg Billionaires Index, his net worth has increased by nearly 10 percent since the start of the year, from $19.1 billion on Jan. 1 to $21.1 billion at the time of writing.

Billionaires.Africa reported earlier this month that Dangote, who is now the world’s 61st richest man, was ranked as the world’s 67th wealthiest person. He is now up to the 61st from the 70th spot, which he held a few days ago, due to a $1-billion increase in his net worth as the market value of his stake in his cement business continues to rise.

Dangote’s net worth has increased significantly year-to-date, exceeding the $1.3 billion in gains that he recorded in 2021. His ranking as the world’s 61st wealthiest man is much higher than the 97th spot, which he occupied at the start of the year when he had a net worth of $19.1 billion.

The recent $1.9-billion surge in his net worth can be linked to investor reactions to the solid performance that Dangote Cement delivered in the first quarter of 2021 which spurred its share price to an all-time high of N300 ($0.72) per share at the close of business today.

Since the year began, Dangote Cement’s share price has risen from N257.5 ($0.62) per share to N300 ($0.72) at the time of drafting this report.

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Source: billionaires.africa