Aliko Dangote Makes Over N760bn in Hours As His Cement Company Sets New Record

Aliko Dangote Makes Over N760bn in Hours As His Cement Company Sets New Record

  • The wealth of Nigeria's richest man, Aliko Dangote, has once again increased in the last 24 hours
  • Latest data shows that Dangote has also climbed more places in the billionaire ranking after making over N760 billion
  • Dangote's newfound wealth is due to the strong performance of Dangote Cement on the NGX

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Africa's richest man, Aliko Dangote, has added more to his wealth and solidified his position among the richest men in the world.

According to the Forbes Billionaire Index, Dangote's wealth surged by $853 million (N760.03 billion) on Monday, January 22, 2023, reaching $17.8 billion.

Aliko Dangote new wealth
Dangote is having a great 2024 Photo credit: Anadolu Agency
Source: Getty Images

This means that in the last 23 days, Dangote has gained $7.5 billion (N6.8 trillion), considering he started the new year with a net worth of $10.3 billion.

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After Otedola's share acquisition, Dangote Cement hits N10 trillion capitalisation

Why is Aliko Dangote's wealth increasing?

The significant increase in Dangote's wealth reflects the positive performance of his companies on the Nigerian Exchange.

Dangote's cement company, which is Aliko's most prized asset, has surged by 85.3%, reaching N592.60 on Monday from the N337.10 it started the year with on January 9, 2024.

The market capitalisation of Dangote Cement also surpassed N10 trillion on Monday, January 22, making it the first Nigerian company to achieve this milestone.

Similarly, Dangote Sugar Refinery, another of his listed companies on the Nigerian Exchange, is currently the 13th most valuable stock on the NGX with a market capitalization of N960 billion.

The sugar company's share price has also increased year-to-date by 38.6%, reaching 79.00 per share compared to the 67.80 it started the year with.

Read also

Dangote gets new position as net worth nears $20bn, Rabiu, Adenuga topple each other

Otedola invests in Dangote Cement

Legit.ng also reported that Nigeria's fourth richest man, Femi Otedola, acquired shares in Dangote Cement in a deft move to strengthen his investment portfolio.

The development followed Otedola's re-entry into Forbes Africa's Richest List, where he is worth about $1.2 billion and is Nigeria's fourth wealthiest individual.

Otedola earlier visited the $20 billion 650,000 bpd Dangote 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.

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