Dangote Gets New Position as Net Worth Hits New High after Earning N39.4 Billion Overnight

Dangote Gets New Position as Net Worth Hits New High after Earning N39.4 Billion Overnight

  • Aliko Dangote earned a massive N49.450 billion in 24 hours, making him rise five places on the billionaire index
  • Dangote moved from 136th richest man in the world to 132nd with a net worth of 15 billion dollars
  • The Nigerian billionaire had lost almost half of his wealth to the poor performance of the naira against the US dollar

Legit.ng's Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigeria and Africa's wealthiest man, Aliko Dangote, is on the path to financial recovery after losing $8.7 billion in two months due to Nigeria's naira devaluation.

Check by Legit.ng shows that the billionaire is rising again on the world's wealthiest people list.

Dangote's wealth hits a new high
Chairman of the Dangote Group, Aliko Dangote gets a new position after a wealth increase Credit: Bloomberg/Contributor
Source: Getty Images

Dangote rises five steps on billionaire index

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Data from the Bloomberg Billionaire Index indicate that Dangote has clawed back some of the wealth he lost in February when the Nigerian authorities devalued the naira for the second time in eight months.

The industrialist earned an astounding $263 million (N49.450 billion) on March 19, 2024, as the Nigerian Exchange Limited (NGX) buzzed with stock earnings.

Among the top-traded stocks on the NGX was Dangote Cement, his primary source of wealth.

Dangote Cement performs well

The cement company's shares rallied to trade at N689.70 per share, an all-time high since 2024.

The stock's performance propelled Dangote to a new ranking among the world's wealthiest within 24 hours.

Despite not reclaiming the 86th position he occupied in January, Dangote climbed five places from 136th to 132nd richest in the world.

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His net worth also adjusted from $14.5 billion to $16 billion after he earned $263 million in hours.

Dangote derives his wealth primarily from his 85.8% stake in Dangote Cement, which he holds directly and indirectly via the Dangote Industries.

Naira devaluation hits billionaires hard

The cement company has become one of the top-performing and most valuable companies on the NGX, exceeding the N10 trillion market value in January and February 2024.

Legit.ng reported earlier that Africa's richest man had lost about $8.7 billion in two months after his wealth crashed from a 10-year high of $22 billion to $14 billion.

The chairman of the Dangote Group is not the only Nigerian billionaire affected by the naira's slump, leading to a massive loss among Nigeria's richest.

After Dangote, another Nigerian billionaire builds refinery

Legit.ng earlier reported that a Chinese cargo ship, laden with an Akwa Ibom refinery project consignment, has berthed in Calabar port in Cross River state.

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The development is a significant milestone in constructing a state-of-the-art refinery in Akwa Ibom state.

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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