Africa’s richest man, Aliko Dangote has increased his fortune by $1.3 billion in less than a month due to a surge in the share price of his cement company.
Dangote Cement Plc, which represents roughly half of the entrepreneur’s $20.4 billion net worth, closed at its highest level since 2010, adding to the 11% gain in 2022, compared to 7.59 per cent for the Nigerian exchange’s main board in Lagos. The Lagos-based company recently completed a share buyback to boost its value.
According to the Bloomberg Billionaires Index, Dangote is one of only 35 billionaires among the world’s top 100 wealthiest individuals who saw their fortunes grow in January. Gautam Adani, India’s second wealthiest individual, has increased the most, rising $13 billion to $89.5 billion.
With the completion of a $19 billion refinery project, the Nigerian cement tycoon is on track to double his wealth this year. The crude processor’s 650,000 barrels per day capacity is sufficient to meet all of Africa’s domestic fuel needs while also increasing exports.
Dangote was born into a prosperous Muslim family of northern traders, which positioned him well to launch his own cement business at the age of 21. In the 1990s, aided by government policies emphasizing ways to reduce reliance on imports, he transitioned to manufacturing the building material.