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.
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.
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.
|Born||10 April 1957
|Education||Government College, Birnin Kudu|
|Alma mater||Al-Azhar University|
|Known for||Founder and CEO, Dangote Group|
|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.