Categories: Business

Dangote Wealth Surges By $1.3 Billion In January

Richest Africa, Dangote Wealth Surges By $1.3 Billion In January

EKO HOT BLOG reports that Africa’s richest man, Aliko Dangote, recorded a boost of as much as $1.3 billion in his fortune in the year to January 21, a period that was a blessing to investment for shareholders of his cement firm, Dangote Cement Plc.

Dangote Cement Plc, which represents roughly half of the entrepreneur’s $20.4 billion net worth, closed at its highest level since 2010, adding to the 11% gain in 2022, compared to 7.59 per cent for the Nigerian exchange’s main board in Lagos. The Lagos-based company recently completed a share buyback to boost its value.

Africa’s richest man, Aliko Dangote, Dangote Cement Plc, entrepreneur, billionaires, refinery, tycoon,

According to the Bloomberg Billionaires Index, Dangote is one of only 35 billionaires among the world’s top 100 wealthiest individuals who saw their fortunes grow in January. Gautam Adani, India’s second wealthiest individual, has increased the most, rising $13 billion to $89.5 billion.

With the completion of a $19 billion refinery project, the Nigerian cement tycoon is on track to double his wealth this year. The crude processor’s 650,000 barrels per day capacity is sufficient to meet all of Africa’s domestic fuel needs while also increasing exports.

Dangote was born into a prosperous Muslim family of northern traders, which positioned him well to launch his own cement business at the age of 21. In the 1990s, aided by government policies emphasising ways to reduce reliance on imports, he transitioned to manufacturing the building material.

His wealth is on course to see a much greater boost later in 2022 when his $19 billion petroleum refinery project is expected to be delivered.

The 650,000 barrels per day capacity refinery is said to be the largest single-train refinery in the world and is located on a vast expanse of land, about six times the size of Victoria Island.

The refinery is expected to wean Nigeria off its almost absolute dependence on imported fuel and transform it into a net exporter, helping the government to conserve scarce forex.

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