Dangote's Wealth Rises to $20.5 Billion as He Earns N248.4 Billion in One Day, Moves Up in Billionaire Ranking

Dangote's Wealth Rises to $20.5 Billion as He Earns N248.4 Billion in One Day, Moves Up in Billionaire Ranking

  • Aliko Dangote has seen an increase in his wealth after making about N247.4 billion in one day
  • The Nigerian billion is now worth over $20 billion from $19.7 billion and is ranked 82nd richest man in the world
  • The increase in his wealth is due to the excellent performance of his cement company, Dangote Cement.

Nigeria and Africa's richest man, Aliko Dangote, has seen his wealth balloon in the last 72 hours.

The cement merchant is now worth $20.5 billion after earning $358 million, about N2427.4 billion, on Friday, April 14, 2023, thanks to the stellar performance of his cement business.

Aliko Dangote, Dangote Cement, billionairea
President of Dangote Industries, Aliko Dangote Credit: Bloomberg/Contributor
Source: Getty Images

The Nigerian billionaire has also moved up two places on the Bloomberg Billionaire Index ranking from 84th richest man in the world to 82.

Dangote has his cement company, Dangote Cement, to thank for his steady rise in fortune.

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According to reports, Dangote told shareholders of his firm that despite the challenging macroeconomic climate in 2022, the Company made serious strides, performed creditably well, and is still Africa's leading cement maker.

During the 14 Annual General Meeting of the Company, Dangote said that in the face of incredible challenges in the past year, the Company executed robust reduction strategies to mitigate inflationary pressures, thereby enhancing its competitiveness and maintaining a high level of product quality and customer satisfaction.

Dangote said:

"In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased our trucks' use of Compressed Natural Gas (CNG) due to the rising diesel cost environment.

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As of Friday, April 14, 2023, the share price of the cement company traded at N270 per share.

The Kano-born billionaire has remained Nigeria and Africa's richest man for the 12th year in a row and is distantly followed by the Chairman of BUA Group, Abdul Samad Rabiu, in Nigeria with a net worth of $7 billion.

Elon Musk dusted as Bernard Arnault’s wealth soars to $210 billion

Legit.ng earlier reported that the world’s wealthiest man, Bernard Arnault, is entrenching his lead over Elon Musk, who is ranked second.

According to Bloomberg, the French billionaire sells more luxury goods, while Tesla, owned by Elon Musk, is cutting prices on electric vehicles.

Bloomberg said that Arnault saw his wealth soar by $12 billion on Thursday, April 13, 2023, to $210 a record-breaking sales and the second-biggest single-day rise ever.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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