Monday, January 17

Dangote’s wealth reaches 7-year high on the back of increase in Dangote Cement share

The richest man in Africa, Aliko Dangote has attained his highest wealth in seven years on the back of increase in the share price of Dangote Cement Plc as well as in the price of oil and fertilizer.

According to the Bloomberg Billionaires Index, the businessman’s wealth has surged by $2.30 billion this year to $20.1 billion as at close of business on December 3, 2021. The index revealed that the highest his wealth has attained prior to now was $26.7 billion in June 2014.

Dangote currently holds a significant number of shareholdings both directly and indirectly in the cement company, to the tune of 27,642,637 direct holdings and 14,621,387,610 indirect holdings. The 14.33% increase in the share price from year to date pegs his worth by shares to N4.10 trillion having made a gain of N514.18 billion.

Dangote Cement Plc currently trades at N280.00 per share, starting the year at N244.90 per share.

In addition to this, the billionaire, this year, started a business exporting fertilizer to the U.S. and Brazil following the completion of a 3-million-ton capacity plant for the production of urea and ammonia annually. Nairametrics reported that the fertilizer plant made its first shipment to Louisanna and the majority went to Brazil.

The billionaire is expected to complete a $19 billion refinery with more than enough capacity to meet Nigeria’s fuel demand, currently met by imports. The refinery has a daily capacity of 650,000 barrels per day. The businessman had dismissed rumours of talks with top oil traders in the world which was subsequent to information that Dangote was in talks with some of the world’s biggest oil traders to help finance his mega refinery project in Nigeria’s commercial centre Lagos.

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Recall Nairametrics reported in December 2020 that Dangote’s net worth in 2020 dropped to $15.9 billion due to the fall in stocks. During the period, the share price rose to N205 per share in November 2020 before a market correction dropped it to about N188 per share in December.