Dangote is N218 Billion Richer After Buying Back Shares of Dangote Cement

• Aliko Dangote, Africa's richest man's wealth surged to N218 billion after he bought back shares of Dangote Cement from stakeholders
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• He is the current highest shareholder in the company with about 27 billion in direct shares and over 14 billion in indirect shares

Aliko Dangote, Chairman of Dangote Group, has gained a whopping N218 billion from his Dangote Cement shares after the company finished a share buyback programme on the Nigerian Exchange Limited.

Nigeria and Africa’s richest man holds the majority of about 27 billion in direct shares and over 14 billion in indirect shares in Dangote Cement company.

Punch reports that his shares in the company currently stand at over N4 billion an increase from N3.96 trillion as of the end of the trading day of Tuesday, January 25, 2022.

The buyback programme started on January 19, 2022, ended 24 hours later and drove the share price to as high as N284.90 which reached one year all-time high and has remained there.

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The pressure caused by the programme saw the company’s share price grow by N75.52 per cent from N270 per share at the opening of the market to over N284 per share at the closing bell in the market, according to a Nairametrics report.

A leap in ROI

Accordingly, it pushed the Dangote Cement company’s market capitalisation up by N253.90 billion on the exchange from N4.60 trillion to N4.85 trillion at the end of the trading activities on the exchange.

Stock performance summary

Dangote Cement shares have increased exponentially by 10.86 per cent, beginning the year at N257 and currently trading at N284.90.

Investors of Dangote Cement has seen a 43.83 per cent of Return on Investment who bought the shares at their 52-week low trading price of N198.10 per share.

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Dangote richer than 30 African countries

Legit.ng has reported that 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.

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.

Source: Legit.ng