Dangote Makes $2 Billion in 17 Days after Refinery Commences Production, Investors Rush Shares

Dangote Makes $2 Billion in 17 Days after Refinery Commences Production, Investors Rush Shares

  • Aliko Dangote has seen his net worth rise in the last two weeks of 2024 after the commencement of Dangote refinery
  • The increase in Dangote's wealth could be attributed to the stellar performance of Dangote Cement
  • The share of the cement company skyrocketed from N319.19 on January 1 to N452.5 per share in two weeks

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Dangote investors were not the only ones who gained following the incredible performance of Dangote stocks on the Nigerian Exchange Limited.

The president of Dangote Industries, Aliko Dangote, also experienced a surge in his net worth, which grew by $2 billion in 17 days.

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

Dangote's net worth rises to $17 billion

This came a few days after the $20 billion Dangote Refinery announced the commencement of diesel and aviation fuel production.

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Africa's richest man saw his net worth balloon to $17.1 billion as of January 17, 2024, from $15.08 billion in January 1, 2024.

Data from the Bloomberg Billionaire Index shows that Dangote's wealth swelled as the shares of his cement company, Dangote Cement, generated a revenue of N1.5 trillion, about $1.6 billion in nine months of 2023.

The billionaire derives his wealth primarily from his 86% stake in Dangote Cement, which he owns directly and via his conglomerate, the Dangote Industries.

Sources of Dangote's wealth

The billionaire, who was briefly toppled by South Africa's richest man, Johann Rupert, at the beginning of 2024, saw the market cap of Dangote Cement grow by N2.26 trillion, followed by Dangote Sugar, with an increase of N198 billion and NASCON, with a net gain of N33 billion.

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Dangote Cement stocks became top-performing on the NGX, rising by 41.5% and trading at N452.5 per share.

Africa's largest cement producer began 2024 with a market cap of N5.54 trillion, with a share price of N319.90, which appreciated to N452.5, leading to a rise of N7.71 trillion in market cap.

Dangote Sugar also saw an appreciation in 2024, with 28.6% in market value after beginning the year with a market cap of N698.45 billion and a share price of N57.5, rising to N890 billion at N73.3 per share.

According to Forbes Real Time Billionaires, Dangote's wealth rose by 5.22%, earning about $755 million in the first two weeks of 2024.

He is currently ranked as Africa's richest man with an estimated net worth of $15.1 billion on the Forbes list.

Dangote refinery announces readiness to begin production after crude supply hits 6 million Barrels

Legit.ng reported that the Dangote Petroleum Refinery said on Monday, January 8, 2024, that it is ready to commence production of refined petroleum products after receiving the sixth consignment of one million barrels of crude needed for the facility’s initial operations.

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A statement from the refinery confirmed the receipt of the last batch of six million barrels, saying that the plant will commence a test run soon.

The statement said the fresh one million Agbami barrels of crude through the MT ALMI SUN was the last cargo to complete the initial six million barrels to be delivered to the facility for the commencement of operations by the refinery.

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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