- Aliko Dangote’s wealth ballooned by $1.5 billion, about N662 billion, in November due to a strong showing of his companies
- However, the wealthiest man in Africa dropped ten places in the current billionaire ranking by Bloomberg
- His recent gain is primarily attributed to the rise of his cement company, Dangote Cement which has been bullish lately
Africa’s wealthiest man, Aliki Dangote, made about $1.5 billion in November as his Cement company, Dangote Cement, made impressive monthly runs.
Dangote’s wealth comes from several large-scale business ventures, and he has remained afloat every year due to his knack for scaling his businesses.
Cement company propels his wealth
Recently, his cement firm has weathered tough economic headwinds from Nigeria and across Africa to keep as Africa’s richest person.
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According to a recent Bloomberg Billionaire Index report, Dangote slid six places down from 71st richest man in October to 81st.
Despite the slide, Dangote’s wealth ballooned to $19.1 billion in November.
The increase is due to a profit from his conglomerate, despite losing $611 million in the first ten months of 2022.
Fertiliser firm adds to his net worth
Also, his fertilizer company which recently came on stream contributed to his rise and high revenue margins.
The Kano-born multibillionaire holds an 86 per cent stake in Dangote Cement, currently valued at $8.64 billion,
The cement company recorded N332 billion in trade volume, according to Business Insider.
His fertilizer firm has installed a production capacity of about 2.8 m.
Rabiu, Nigeria’s second richest man, closes the gap on Dangote as he makes N3.4bn every day
Legit.ng reported that Abdulsamad Rabiu is now not only comfortably the second-richest man in Nigeria, but he is also getting closer to the wealth of Aliko Dangote.
Data from the Forbes billionaire list shows Rabiu is worth $7 billion as at Monday, November 28, 2022, a massive jump from the $4.4 billion he was worth at the start of 2022.
This means that the smart businessman from Kano has added to his wealth a whopping $2.6 billion(N1.15 trillion) in 11 months.