Aliko Dangote Jumps Six Places in Billionaires Rich List, After Making N217.5bn in 8 Hours
- Aliko Dangote has jumped up six places in the billionaire list of richest men in the world tracked by Bloomberg
- The change in Dangote's position comes after a consistent increase in his fortunes in the first 26 days of 2022
- Dangote's fortune has been on the rise following the spectacular rise in his cement company's shares
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Aliko Dangote, Africa's richest man in the last 8 hours has raked in N217.5 billion($523M) jumping to become the 91st richest man in the world.
According to Bloomberg index, Dangote is now worth over $20.1 billion which is 5.23% of Nigeria's external reserves of $40.1 billion.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth.
Rise in Dangote's company share
Africa's richest person controls Dangote Industries, a closely held conglomerate. But he makes most of his fortune from Dangote Cement Africa's biggest cement producer.
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The shares of Dangote Cement Plc on the Nigerian Exchange in the last 8 hours has advanced by 5.45 % to N274.8. from N260 it traded on Wednesday.
Dangote also owns sugar, salt, oil, fertilizer, and packaged food, as well as six residential and commercial buildings in Lagos.
His most significant closely held asset, though, is a fertilizer factory capable of producing up to 2.8 million tonnes of urea each year.
With the $19 billion oil refinery nearing completion Dangote's wealth is expected to grow further in the coming years.
What can Dangote's money buy?
Dangote's fortune of $20.1 billion can buy 11.0 million troy ounces of gold, 219 million barrels of crude oil
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.