Dangote Makes N460bn in One Day, Overtakes 2 Russians, One Chinese and Indian on Billionaires’ List

Dangote Makes N460bn in One Day, Overtakes 2 Russians, One Chinese and Indian on Billionaires’ List

  • Aliko Dangote has beaten Russians and Asians on the billionaires’ list
  • Dangote earned about $1 billion, about N460 billion, in one day following increased demand for Dangote Cement
  • He maintains a majority share at his Cement company, as the company announced a significant share buyback two weeks ago

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Aliko Dangote has remained Africa’s richest man, a feat he has maintained for 12 years in a row, according to Bloomberg Billionaire Index.

The Nigerian billionaire’s net worth ballooned on Monday, March 20, 2023, after he made over $1 billion in one day.

Lakshmi Mittal, Chuang-Fu, Dangote, and Alexey Usmanov
Credit: Mikhail Svetlov / Contributor
Dangote overtakes Russians, Chinese and Indian on Billionaires’ list. Credit: Mikhail Svetlov / Contributor
Source: Getty Images

Dangote Cement propels his net worth

Dangote saw his net worth increase following the stellar performance of Dangote Cement, where he controls the majority stake. This also came after the company announced a share buyback a fortnight ago.

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Dangote Cement’s share price has maintained a good run at the Nigerian Stock Exchange, trading at N288 per share.

The performance is due to increased demand for cement across Africa, where Dangote Cement maintains a firm grip and has the majority market share in Nigeria, its primary market.

Dangote defeats two Russians, two Asians

Africa’s richest man, whose refinery will begin operations this year, is ranked 83rd on the billionaire index, ahead of two Russians, Alexey Mordashov and Alisher Usmanov.

Dangote dropped two positions as he was ranked 81st on the table but lost over N13 billion last week.

He also maintains a clear lead ahead of the Chinese consumer retailer, Chuan-Fu and Indian commodities billionaire Lakshmi Mittal.

With a net worth of $19.7 billion, Dangote is Africa’s richest man, ahead of Johann Rupert and Nicky Oppenheimer & family.

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Top 8 richest Africans

  • Aliko Dangote.
  • Johann Rupert & family.
  • Nicky Oppenheimer & family.
  • Abdulsamad Rabiu.
  • Nassef Sawiris.
  • Mike Adenuga.
  • Issad Rebrab & family.
  • Naguib Sawiris.

Dangote, BUA Cement and Lafarge rake in N2.35trn in 12 months

Legit.ng reported that Dangote, BUA Cement, and Lafarge, Nigeria's three major cement producers, raked in about N2.35 trillion as turnover in 2022, overtaking the N1.93 trillion recorded in the previous year by 21.6 per cent.

Data shows that the firms' audited financials for 2022 have a profit after tax of N536.9 billion in the review year, in contrast to N505.5 billion recorded in the previous year.

According to reports, the companies' stellar growth happened despite the economic headwinds in Nigeria, which disrupted the business environment, such as the Forex crisis, rising energy costs, and shrinking disposable income for Nigerians.

Source: Legit.ng

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