Nigerian Tycoon Aliko Dangote’s Wealth Reportedly ‘Surges’ Its Highest Since 2014
Aliko Dangote, the prolific Nigerian businessman, is ranked as the richest Black man in the world. While being birthed into a wealthy family, Dangote has accumulated his own wealth by becoming the largest exporter of crude oil in Africa and his investments in cement, flour and sugar. Now, Dangote’s wealth has reportedly surged.
Bloomberg reports that the tycoon’s wealth is heading to close out 2021 with a bang.
“The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014,” the outlet reported.
Aliko Dangote’s Wealth Surge
As the founder and owner of 85 percent of Dangote Cement Plc through a holding company, the company leads as his main asset behind his wealth. The cement demand and rising prices of the construction material in Africa’s biggest economy has boosted Dangote Cement’s revenue.
Aliko Dangote’s Wealth Flow
According to the outlet, Dangote is set to “complete a $19 billion refinery that has the capacity to more than meet Nigeria’s fuel demand, which is currently met by imports.”
In 2021, Dangote also started exporting fertilizer to the U.S. and Brazil. The new plant is designed to manufacture 3 million tonnes of urea per year, as well as supply all the major markets in sub-Saharan Africa, according to Reuters. Its first shipment went to Louisiana and the majority of the exports are expected to go to Brazil.
“Apart from meeting the domestic demand, we are going to be able to earn quite a lot of money exporting the goods to the South American countries,” Dangote told a virtual economic forum hosted by Qatar.
Earlier in 2021, the Nigerian billionaire added $2.76 billion to his net worth.
As previously reported by AfroTech, Dangote made headlines after the Nigerian cabinet approved its state oil firm, NNPC, to buy a 20 percent share of Aliko Dangote’s oil refinery.
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Richest African Man’s Wealth Surges to Highest in Seven Years
Aliko Dangote, the richest man in Africa, is on track to close the year at the richest level he has ever been since 2014 buoyed by the second straight year of gains at his cement unit.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index. The highest his wealth has touched on the index was $26.7 billion in June 2014.
Robust cement demand and rising prices of the construction material in Africa’s biggest economy have helped boost revenue at Dangote Cement, the tycoon’s main asset. Dangote is also poised to complete a $19 billion refinery that has the capacity to more than meet Nigeria’s fuel demand, which is currently met by imports.
Dangote, this year, also started exporting fertilizer to the U.S. and Brazil after the completion of a plant with a capacity to produce 3 million tons of urea and ammonia annually.
Born into a wealthy Muslim family of traders in the north, Dangote incorporated his own business selling cement at 21. He shifted to manufacturing the building material in the 1990s, helped by government policies that encouraged ways to reduce the need for imports.
Critics accuse him of taking advantage of his closeness to the government to gain an unfair market advantage, a claim he has repeatedly dismissed. Nigeria’s state oil firm in June announced plans to acquire a 20% stake in the Dangote refinery.
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Dangote ranks 117th on Bloomberg Global Billionaires Index
THE latest Bloomberg Global Billionaires Index has ranked the President of Dangote Group, Aliko Dangote, at number 117th.
The index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page.
In the index, which usually has its figures updated at the close of every trading day in New York, Dangote was on Tuesday said to have a net worth of $17.8bn.
On top of the index is Tesla’s Elon Musk with a net worth of $194bn, closely followed by Amazon’s Jeff Bezos who is also worth $194bn.
At $174bn, Bernard Arnault ranked third. The position was recently held by Microsoft boss, Bill Gates, who lost it after some stock transfers to his ex-wife after their divorce was concluded days ago.
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Aliko Dangote
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Aliko Dangote
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 Dangote at the World Economic Forum 2011
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| Born | 10 April 1957
Kano, Nigeria
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| Education | Government College, Birnin Kudu |
| Alma mater | Al-Azhar University |
| Occupation | Industrialist |
| Years active | 1977–present |
| Known for | Founder and CEO, Dangote Group |
| Children | 4[1] |
| Relatives | Sani Dangote (brother) |
Aliko Dangote GCON (born 10 April 1957) is a Nigerian business magnate. He is the chairman and CEO of Dangote Group, an industrial conglomerate and the wealthiest person in Africa, with an estimated net worth of US$12.7 billion as of September 2021.
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Africa’s richest man to co-chair US-Africa business center by U.S. Chamber of Commerce
Aliko Dangote
Businessman & Philanthropist Aliko Dangote to Accept 2016 AAI African Business Leader Award
The AAI 2016 Annual Awards Gala will be held on Tuesday, September 20, at Cipriani 25 Broadway in New York City.
Dangote will receive the award for his role in championing African entrepreneurship, greater business and investment in Africa through his company’s global brand and his commitment to expanding regional integration on the continent.
Dangote founded Dangote Group over 30 years ago and has turned his enterprise into the largest business conglomerate in West Africa, with a market capitalization of $15 billion. The Dangote Group invests in 18 African countries, creating jobs and economic value across the continent in a range of industries.
As Africa’s foremost industrialist, Dangote is a member of leading Nigerian and international organizations, where he devotes his resources to contribute to Africa’s growth and development.
The Dangote Foundation, which is the largest foundation in Africa with an endowment of $1.25 billion. Locally focused, but globally minded, the Dangote Foundation is at the forefront of improving the nutrition, health and education of Nigerians.
Dangote has a strong commitment to strengthening the education sector on the African continent. He serves as a member of the United Nations Secretary-General’s Global Education First Initiative steering committee and is a founding member of the Gordon Brown-led Global Business Coalition for Education.
He is passionate about lifting the most vulnerable people out of poverty through economic empowerment. The Foundation is a leading contributor to the ‘Saving One Million Lives’ every year in Nigeria initiative. It was also at the vanguard of containing the spread of Ebola in Nigeria and other parts of Africa, where it was the largest private contributor to the African Union Ebola Trust Fund with a donation of $3 million.
Dangote sits on the Board of the Corporate Council on Africa and is a member of the Clinton Global Initiative and the World Economic Forum.
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About Dangote Industries Limited
Dangote Group continues to grow its vision of becoming the leading provider of essential daily needs in Sub-Saharan Africa.
Our Mission & Vision
Nurturing a Vision
Dangote Group continues to grow its vision of becoming the leading provider of essential needs in Food and Shelter in Sub-Saharan Africa. We continue to sustain and improve on our market leadership in Cement Manufacturing, Sugar Milling, Sugar Refining, Port Operations, Packaging Material Production and Salt Refining. In line with our philosophy, we will continue to provide the basic needs of Nigerians.
Aliko Dangote, GCON
Group President & Chief Executive
Aliko Dangote is the founder and president/chief executive of the Dangote Group, the largest conglomerate in West Africa. The Group currently has a presence in 17 African countries and is a market leader in cement on the continent. One of the Group’s subsidiaries, Dangote Cement Plc, is the largest listed company in West Africa and the first Nigerian company to join the Forbes Global 2000 Companies list.
Executive Leadership
Our senior executives bring tremendous experience, visionary thinking and a shared commitment to excellence, creativity, and innovation to the day to day operation of the company.
HISTORY & STRATEGY
Dangote Industries Limited is a diversified and fully integrated conglomerate with an annual group turnover in excess of US$4 billion (2016) with vibrant operations in Nigeria and Africa across a wide range of sectors including cement, sugar, salt, condiments, packaging, energy, port operations, fertilizer, and petrochemicals. Our core business focus is to provide local, value-added products and services that meet the ‘basic needs’ of the populace through the construction and operation of large scale manufacturing facilities in Nigeria and across Africa. We are focused on building local manufacturing capacity to generate employment, reduce capital flight and increase local value addition.
The Dangote Group corporate strategy has evolved as its businesses have grown, matured, and diversified into new sectors and regions over the last four decades. Starting out as a bulk commodity trading concern in the 1970s encouraged by the liberalized commodity import regime of the then Government of Nigeria, by the late 1990s our strategy had transformed to a focus on manufacturing for import substitution. The early 2000s saw the Group’s approach further adjust to strategic asset acquisition in line with the then Government’s privatization policies. This set the stage for the next phase in our strategic plan for the next decade; expansion and backward integration.
IN PURSUIT OF SELF-RELIANCE
Dangote Industries Limited is striving for self-reliance in Nigeria in all the sectors where it operates and has drawn up ambitious plans to set up world-class projects in new realms such as Agriculture, Petroleum Refinery & Petrochemicals, fertilizer, and Telecom. The Group has almost single-handedly taken Nigeria to self-sufficiency in cement and is expanding rapidly across Africa, helping other countries achieve the same.
