Aliko Dangote's Sugar Business Made Him N13billion Richer In Twelve Months

Aliko Dangote's Sugar Business Made Him N13billion Richer In Twelve Months

- Aliko Dangote to receive N13.16 billion from his Sugar business due to 2020 earnings performance

- The businessman is the single majority shareholder of the company with over 8.77 billion as direct and indirect stake

- This amount is different from other earnings he is entitled to as chairman of the company he founded

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Aliko Dangote, the founder of Dangote Sugar, will earn over N13 billion from his sugar business for the period between January 2020 and December 2020. The amount is attributed to him due to his shares in the company.

Dangote is the single majority shareholder in the leading sugar company, which generated N29.8 billion during last year's financial period. The business recorded a 33% growth in revenue.

The impressive performance in earnings led to Dangote Sugar announcing N1.5kobo per share as the final dividend for its shareholders. The businessman owns direct and indirect shares within the company.

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For the direct share, Dangote accounts for 653,095,014 ordinary shares, while 8,122,446,281 unit of shares is indicated as the billionaire's indirect stake, according to checks by Legit.ng.

The combination of these direct and indirect shares shows that Aliko has a total holding of 8,775,541,295 shares in Dangote Sugar. This translates into N13.16 billion earnings within twelve months for Africa's richest man.

Aliko Dangote's Sugar Business Made Him N13billion Richer In Twelve Months
Aliko Dangote's Sugar Business Made Him N13billion Richer In Twelve Months. Photo: Wei Leng Tay/Bloomberg
Source: Getty Images

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The N13.16 billion is different from other earnings he is entitled to as the chairman of Dangote Sugar. The business mogul has invested in other companies outside the sugar.

Dangote's businesses range from cement, sugar, tomato production, oil refinery, amongst many others. The growth in his businesses and the payout has made him the richest person in Nigeria for over two decades.

He has also held the same position in Africa for that long, as his Cement company, which is his major revenue source is situated across other countries in Africa.

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Meanwhile, Legit.ng had previously reported that Zenith Bank chairman, Jim Ovia, will earn N9.57 billion during the same period from the bank. His earning is also attributed to his shares at the lender.

Ovia is the single majority shareholder in Zenith Bank, where he has 3.54 billion shares. He has led the company for over 20 years and has been receiving payout as the earnings of the company grow.

Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.

Source: Legit

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