Report reveals Dangote's 'Bank Account Balance' as he makes over N40 billion in eight hours

Report reveals Dangote's 'Bank Account Balance' as he makes over N40 billion in eight hours

  • Aliko Dangote, Africa's richest man, is still swimming in cash, having made almost N40 billion in just a few hours
  • The increase in its account is due to strong performance from his cement firm on the Nigerian exchange this year
  • Putting him on course to earn his highest level of wealth since 2014 by the end of the year according to Bloomberg data

Aliko Dangote, the chairman of the Dangote Group has made over N43 billion in hours on the Nigerian Exchange Limited thanks to an impressive performance of Dangote Cement Plc, a company he holders over 80% interest.

Dangote's daily earnings could be larger if other investments in sugar, agriculture, Nascon Allied Industries, and United Bank for Africa are taken into account.

The richest man in Africa currently holds the majority stake in Dangote Cement Plc, to the tune of 27,642,637 direct holdings and 14,621,387,610 indirect holdings, out of the 17.04 billion total issued shares of the company.

Read also

Zenith, GTB, Access, other top Nigerian banks lose N32.19 billion in one week following shares decline

Report reveals Dangote's 'Bank Account Balance' as his Cement Company makes over N40 billion in eight hours
Dangote wealth movement since the start of the year Credit: Bloomberg index
Source: Facebook

Dangote’s stake is presently worth about N3.74 trillion, up from N3.69 trillion as at the end of the market on Friday 10th of December 2021.

Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng!

The gains were driven by buy-interests in the shares of the cement company which saw the share price increase by 1.19% in a single session, from N252 per share at the open of the market, to N255 per share at the close of the market.

This, in turn, pushed its market capitalization up by N51.12 billion on the exchange, from N4.29 trillion to N4.35 trillion at the close of trading activities on Nigeria’s stock exchange.

Stock performance summary

The shares of Dangote Cement Plc have advanced by 4.12% from year to date, starting the year at N244.90 and currently traded at N255.00. However, the shares of the company have returned about 35.64% gains for investors who bought them at their 52-week low trading price of N188.00 per share.

Read also

Jack Twitter's founder picks three Nigerians as head of his bitcoin fund from a pool of 7,000 applicants

During today’s trading hours, 2,951,987 ordinary shares of Dangote Cement Plc worth about N745.98 million, were exchanged in 168 executed deals.

Bloomberg discloses how much Dangote's holds in cash

According to Bloomberg Billionaire Index as of Tuesday, 14 December Dangote is worth $19.2 billion and is the 99th richest man in the world.

The company estimates retrieved from Bloomberg Billionaire Index, show Dangote holds $3.48 billion(N1.42trn) in cash.

Report reveals Dangote's 'Bank Account Balance' as he makes N43billion in eight hours
Snapshot of Dangote's wealth Credit: Bloomberg index, Nairametrics
Source: Facebook

Dangote’s cash holdings are calculated based on dividends, taxes, insider trades, and other expenditures Nairametrics reports

Dangote Cement, MTN Nigeria Lead List of the 10 Biggest Companies

Legit.ng had earlier reported Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as of October 2021.

The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.

Data from Nigeria Exchange shows as of October 2021, shows there are over 156 listed companies with a total share of over 41 million valued at over 21 trillion.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel