Aliko Dangote Starts 2024 With a Bang, Makes Over N100 Billion in 24hrs

Aliko Dangote Starts 2024 With a Bang, Makes Over N100 Billion in 24hrs

  • Nigerian richest man, Aliko Dangote, is starting the new year strong after earning over N100 billion in hours
  • This is coming on the back of a $5 million(N4.42 billion) loss recorded on the previous day
  • Dangote is expected to get richer in 2024 as his refinery kicks off operation and other investments mature

Aliko Dangote, the Chairman of Dangote Industries Plc, is starting the new year impressively.

Data tracked by Legit.ng on the Bloomberg Billionaire Index shows that the Kano-born billionaire made $126 million(N111.38 billion) on Wednesday, January 1, 2023.

Dangote wealth rises
Dangote wealth rises by over N100 billion Photo credit: Ernest Ankomah
Source: Getty Images

Nigeria's richest man is now worth $15.2 billion and ranked 127 among the top 500 wealthiest men in the world.

Dangote Cement share price rises

Dangote wealth growth is thanks to its companies' strong performance on the Nigerian Exchange floor.

Read also

Dangote, 2 other Nigerian billionaires shine on list of top 10 African billionaires in 2024

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Dangote Cement, one of his most prized assets and source of revenue remained one of the most valued stocks on NGX, with a share price of N319.9 per share as of Wednesday, December 3.

The cement company has also remained one of Nigeria's most profitable companies.

Dangote's other publicly traded assets include Dangote Sugar, Nascon Allied Industries and United Bank for Africa.

His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

His most valuable, closely held asset is a fertilizer plant that can produce up to 2.8 million tonnes of urea annually.

Read also

Fuel scarcity looms as oil marketers stop importation, suggest new pump price, NNPCL reacts

Oil refinery, which can process 650,000 barrels per day (BPD) of crude oil, is set to begin the sale of products, and this is expected to make Dangote even wealthier in 2024

Aliko Dangote speaks on refinery production date, discloses first target

Earlier, Legit.ng reported that Aliko Dangote confirmed the refinery would be ready to pump the first refined petroleum products this December.

The billionaire also revealed that the initial target was to produce 350,000 barrels of refined petroleum products daily from the facility.

More details about the production schedule have been revealed, including when Nigerian markets can purchase products from the long-awaited refinery.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel