Africa’s richest man, Aliko Dangote saw his wealth catapult out at $15.9 billion as of 14th December 2020, according to information from Bloomberg’s billionaire tracker.
This is significantly lower than the $16.5 billion (year to date) peak achieved in late November when stocks were on a high, and it is the first time it dropped below $16 billion in a month. Stocks have fallen in December after hitting a year high last month, due to profit-taking from domestic investors.
His flagship company, Dangote Cement saw its share price rise to as high as N205 per share in November before a market correction dropped it to about N188 per share in December.
However, the billionaire has a lot to cheer for as his fortune has recorded significant gains from the $1.09 billion recorded a year ago when stocks were on a downhill and the market value of his investments prevailing in cement, energy, and consumables like flour and sugar suffered.
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Born into a wealthy family of traders in the northern part of Nigeria, Dangote set up his own business, selling cement at 21. He moved into the manufacturing of building materials in the 1990s, helped by government policies that encouraged ways in making Africa’s largest economy export-driven.
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What you should know: The 63-year-old, Nigerian born entrepreneur is the controlling owner of Dangote Industries, which has Africa’s biggest cement company.
- His present valuation is said to be worth more than 8.75 million troy ounces of gold, or 316 million barrels of crude oil.
- The Dangote conglomerate is a leading Nigeria-based company that owns a popularly known cement company, Dangote Cement, which reportedly had revenue of $2.5 billion in 2019. It also has strong interests in, fertilizer, sugar, salt, oil, and packaged food.
Dangote is presently building Nigeria’s biggest ever industrial project, which would boast of a distillation column for separating Brent crude into various hydrocarbon chains at different temperatures.
The 650,000 barrel-per-day refinery is just part of a $15 billion petrochemical complex that will include a gas processor and the world’s largest plant for ammonia and urea, which is used in producing fertilizers and plastics.
Recall about a month ago the Dangote Group announced that its $2 billion Granulated urea fertilizer plant located at Ibeju Lekki, Lagos state, would start operations before the end of December.
Mr. Anthony Chiejina, Group Head, Corporate Communications, in his statement, said, “The granulated Urea fertilizer plant project will be ready for take-off before the end of December. The pre-testing has already been done and the delay in starting operations was due to the COVID-19 pandemic.”
The take-off of the fertilizer plant is reputed to be the largest in the world, with its 3 million tonnes per annum capacity.