Dangote, Africa’s Richest Man, Makes $28.6 Million in December
- Aliko Dangote has ended 2022 with gains after making over N27 billion in December
- His gains are mostly due to his cement company, Dangote Cement seeing a massive positive sentiment from investors
- He currently occupies the 80th position in the global billionaire ranking after losing his 76th position last year
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Aliko Dangote remains unchallenged in his position as Africa’s richest man.
The industrialist, who is ranked the 80th richest person in the world, accelerated his wealth by gaining $28.6, about N27.7 billion, in December alone, according to Bloomberg’s Billionaire Index.
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Dangote Cement, major wealth driver
The billionaire has seen his wealth surge primarily due to the rise in the price of his cement company, Dangote Cement.
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The cement company currently quoted at N261 per share has been the major driver of the billionaire’s wealth.
The Kano-born businessman controls the majority share in his Dangote Cement at about 27,642,637 shares as of January 2022, recent reports say.
Despite sliding from 76th richest man in the world to his current position, Dangote’s wealth has surged to $18.7 billion, slightly below Russian industrialist, Alexei Mordashove.
Africa's richest person controls Dangote Industries, the pan-African conglomerate. The Lagos-based firm owns sub-Saharan Africa's largest cement company, Dangote Cement, which made about 1.38 trillion naira ($3.4 billion) in revenue in 2021. It also produces sugar, salt, oil, fertilizer and packaged food.
Dangote Refinery to cure Nigeria's fuel scarcity
But in the overall ranking, Dangote’s wealth has plummeted Year-to-Date by $393 million which made him slide down to the 80th position from the 76th he occupied for most of 2021.
It is expected that his petrol refinery, Dangote Refinery billed to start operation by June 2023, will propel him further up the billionaire’s ranking.
According to reports, the refinery has an annual refining capacity of 10 million tonnes of petrol, producing 65,000 barrels of petrol per day.
The refinery has been touted to bring an end to Nigeria’s persistent fuel shortage which leads to perennial scarcity.
Dangote, 7UP, Mikano, others may lose tax waivers in new Finance Bill
Legit.ng reported that about 172 firms may not benefit from N2.4 trillion tax waivers under the Pioneer Status Incentive (PSI) and other tax exemptions as the Nigerian Nigerian government moves to end some tax waivers effectively in 2022.
The government is ending the tax exemptions for mature industries with the 2022 Finance Bill, which President Muhammadu Buhari sent to the National Assembly for approval.
A report by the Punch states that the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the bill is to support the 2023 budget as the government ramps up efforts to grow tax revenue.
Source: Legit.ng
