Africa’s richest man, Aliko Dangote, is set to earn a staggering N234 billion as dividends for the year ended 2020 from his stakes in his flagship company, Dangote Cement.
The billionaire, who founded Africa’s most diversified manufacturing conglomerate, Dangote Industries Limited, is the single majority shareholder of Dangote Cement Plc.
According to the information contained in the financial statement of his cement company, Aliko Dangote has a direct stake of 27,642,637 units, and an indirect stake of 14,621,387,610 ordinary shares, which he holds through Dangote Industries Limited.
A recent report revealed that the board of Dangote Cement proposed to pay N16.00 per share on all the issued ordinary shares of the company as dividend for the financial year 2020 – the same as what was paid out to shareholders as dividend last year.
With his total stakes pegged at about 14.65 billion ordinary shares of Dangote Cement Plc, the billionaire will earn another N234 billion from his Cement business this year, which is about 86% of the total N272 billion dividend proposed by the board of the company.
In case you missed it
- Dangote Cement Plc (DCP) in its audited financial statement for the year 2020, declared a record high revenue of N1.03 trillion, making it the second Nigerian listed entity after MTN to surpass the N1 trillion mark.
- Sales volume for both cement and clinker products increased by 8.9%, driven by the resurgence in demand in Q3 and Q4 2020.
- The growth in sales and the company’s strong margin driven by its cost control measures and minimal exposure of its cost base to currency fluctuations resulted in a 37.7% surge in profit to N276.1 billion.
There are only 15 black billionaires in the world, here are the top 10
Three of the top ten richest black men in the world are Nigerians who made a huge percentage of their money from the Nigerian market.
Have you ever wondered how many black people in the world have a net worth of 1 billion dollars and above? Well, there are just 15. Black people make up less than 1% of all billionaires in the world according to Visual Capitalist.
According to the latest Forbes list of the world’s billionaires, there are 2,755 billionaires in the world and there are just 15 blacks amongst them. Here is a quick list of who they are and what they do.
Michael Jordan ( $1.6bn )
Michael Jordan is an NBA all-star great who made his fortune by landing lucrative deals with Nike for the world-famous Jordan Sneakers. He also has a couple of other investments but the Nike deal is the elephant in the room.
Kanye West ($1.8bn)
The controversial musician and fashion mogul made the headlines recently for his richest black man in history claim. His biggest business move was a lucrative apparel deal with Adidas which propelled his net worth to $1.8bn. His net worth is expected to grow in the coming years with another lucrative GAP deal in the bag.
Alexander Karp ($2bn)
African American IT Billionaire is the co-founder and CEO of data-mining firm Palantir Technologies, which received early backing from CIA investment arm, In-Q-Tel. His company works for top government bodies which include the CIA and the FBI. He identifies as a White American but his mother is African American making him a mixed race.
Oprah Winfrey ($2.6bn )
Oprah Winfrey is the only woman on the list. She made her fortune hosting a 25-year-old hit show which she successfully turned into a media empire. She also launched her own cable channel where she owns 25.5%. Oprah Winfrey’s strongest asset is her brand which she has built and honed over the years.
Patrice Mosepe ( $3.1bn )
Patrice Motsepe is the richest black man in South Africa and the CEO of African Rainbow Minerals. He was the first black man to become a billionaire on the Forbes list. He bought low-priced mining shaft and made them profitable. He is also a sports investor owning one of South Africa’s top Football Clubs, Mamelodi Sundowns FC.
David Stewart ( $3.7bn )
The IT mogul’s company World Wide Technology is worth over $12bn with big clients like Verizon, Citi bank and the Government. The company provides digital strategy, innovative technology and supply chain solutions to large public and private organizations around the globe.
Abdulsamad Rabiu ($4.8bn)
The Nigerian business Mogul owns a staggering 98.5% of BUA Cement. He is also the Chairman of BUA Group, a Nigerian conglomerate with large investments in cement production, real estate and sugar refining. He seems to be keeping close tabs on Aliko Dangote and recently had a brief squabble with him.
Robert F. Smith ( $5.2bn )
Robert F. Smith is the founder of one of the best performing private equity firms in the world. He founded Vista Equity Partners in 2000 which has over $50bn in assets. The company has perfected the art of investing in software companies that go on to do well. Robert F. Smith however has a little dent in Tax evasion cases with the US Government.
Mike Adenuga ( $6.2bn )
The second richest man in Nigeria is also the second richest black man in the world. The telecommunication and oil mogul is the arrowhead behind two of Nigeria’s foremost Companies Globacom and Conoil. Globacom has 55 million subscribers while Conoil operates 6 oil wells.
Aliko Dangote ( $11.5bn )
The richest black man in Nigeria, Africa and the world makes the majority of his fortune from his cement brand which is the largest in Africa. Alhaji Dangote owns an 85% stake in his publicly-traded company.
He is also into Salt and Sugar manufacturing and is currently building the largest crude oil refinery in Africa.
What you should know
- There are 15 black billionaires in the world and we just highlighted the top 10.
- Out of the 2,755 billionaires in the world, only 15 are black.
- The first, second and the fourth richest men are all Nigerians and they made a huge percentage of their money from the Nigerian market.
TikTok’s parent company, Bytedance now more valuable than Coca Cola and Exxon Mobil
A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
TikTok’s parent company, ByteDance which was founded in 2012 is now more valuable than the world’s biggest soda brand Coca Cola and energy giants, Exxon Mobil.
ByteDance was founded by Zhang Yiming in 2012 and he went on to launch TikTok, a video sharing application in 2016. Tiktok immediately became a hit on the internet. In less than two years of its launch, it became the most downloaded app in the world according to Forbes.
With over 500m active monthly users, TikTok quickly gained the attention of big venture capitalist firms who invested more in it.
ByteDance was founded in 2012 and is currently more valuable than a company founded in 1892 (Coca Cola) and (1999) Exxon Mobil.
Difference in valuation
According to Bloomberg, ByteDance is currently trading at a valuation of more than $250 billion in the secondary market. The number is set to go up with some investors pegging the valuation at $350 billion.
What you should know
- The above story paints a clear picture of the power of the internet age. A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
- According to Investopedia a valuation is the analytical process of determining the current (or projected) worth of an asset or a company. An analyst placing a value on a company looks at the business’ management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets.
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