Dangote Now Richer Than Over 30 African Countries as Price of Dangote Cement Rises

Dangote Now Richer Than Over 30 African Countries as Price of Dangote Cement Rises

  • Aliko Dangote is still climbing the ladder of wealth in Africa as he recently emerged richer than most African countries
  • His networth surged as his companies, Dangote Cement and his fertilizer plant saw a great leap in sales that catapulted him to the top
  • The businessman's humble beginning is a source of inspiration but many say he was treated with favouritism by successive governments in Nigeria over the years

Africa’s richest man, Aliko Dangote’s worth has risen by N8.4 trillion due to recent demands for his cement unit, Dangote Cement and the recently completed fertilizer plant.

Aliko Dangote
Aliko Dangote is Africa's richest man. Credit: Wei Leng Tay/Bloomberg
Source: Getty Images

According to a Bloomberg's report, his wealth surged to $20.1 billion (N8.4 trillion) last Friday.

Bloomberg’s Billionaire Index put his networth at $26.27 billion (N11 trillion) which he achieved in 2014.

Read also

Bottled water King: meet school dropout who failed entrance exam twice, now worth N32.1trn selling bottled water

Dangote bounced back because of the surging price of his Dangote Cement. Higher oil and fertilizer prices also helped to shore up his wealth by as much as N8.2 trillion this year to N8.4 trillion ($21.2billion). This is the richest he has been since 2014, Bloomberg reports.

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

High Cement demand and the rising price of construction materials in Nigeria have helped to boost revenue at Dangote Cement, one of his main assets.

The 64-year-old is about to complete a $19 billion (N7.8 trillion) refinery with the capacity to supply Nigeria with refined petroleum products.

He also started exporting fertilizer to the U.S and Brazil after the completion of his fertilizer plant with a capacity to produce 3 million tons of urea and ammonia yearly.

African nations worth less than Dangote

Of the 54 countries in Africa, only 20 are richer than Dangote. He will be on number 21 in the list in comparison to other African countries if he were a country, according to VON Digest.

Read also

Buhari looks vindicated, as renowned audit firm ranks Nigeria top foreign investment destination in Africa

He is richer than Burundi, Somalia, Burkina Faso, Central African Republic, Mozambique and others.

Dangote was born into a wealthy Muslim family of traders in the north. He incorporated his own business and started selling cement at 21. He changed to manufacturing building material in the 1990s. He was also helped by government strategies that enabled ways to reduce the need for imports.

He has been accused by critics of taking advantage of his close ties to the government to gain an unfair advantage. He has consistently dismissed the claim.

Dangote loses $900m in just 24 hours

Meanwhile, Legit.ng reported in January that it did not seem to be a bright new year yet as Aliko Dangote, Africa's richest man, reportedly lost a total of $900 million within 24 hours, according to a report by Bloomberg.

Converted, it means that the president of the Dangote group lost N343,125,000,000 as his company was rated the biggest loser at the end of trading on the Nigerian Stock Exchange.

With the loss, Dangote's wealth reportedly fell from $18.4 billion to $17.5 billion on Friday, January 8, as published by the Bloomberg Billionaires Index.

Source: Legit.ng

Online view pixel