Africa’s richest man, Aliko Dangote saw his net worth fall by $1.4 billion to $16.4 billion in the first quarter of 2021.
Data tracked from the Bloomberg Billionaire Index revealed that the net worth of the Nigerian businessman declined from $17.8 billion at the beginning of the quarter, to $16.4 billion yesterday, the 31st of March 2021.
The billionaire who is the founder of Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate, has seen his wealth decline by about 7.9% this year following the fall in the shares of his listed businesses.
The shares of Dangote Cement and Dangote Sugar Refinery opened the year at N244.9 and N17.60 respectively. However, the sell-off in the Nigerian equity space triggered by the rising yields in the fixed income space saw the shares of these companies slid to N215 and N17 per share respectively.
This move led to a fall in the market capitalization of the companies and culminated into the $1.4 billion loss in the net-worth of the billionaire in the first quarter of 2021.
The Billionaire had an eventful quarter
Aliko Dangote and his leading manufacturing conglomerate, Dangote Industries had a rather impressive and eventful first quarter, despite the decline in his net worth.
During the quarter, Dangote’s $2.5 billion granulated fertilizer plant located in Lekki Free Trade Zone (LFTZ), went through a production test run, as the plant looks set to commence operation.
Guiseppe Surrace, the Chief Operations Officer of Dangote Oil Refining Company in a video revealed the progress made at the Dangote Oil Refinery, noting that plans have been made to complete pipes installation in the facility in line with the schedule.
Dangote’s cement business, Dangote Cement Plc, became the second listed Nigerian entity to hit the N1 trillion revenue mark in 2020. The cement company also sustained a dividend payout of N16 per share for the third year, as the board proposed to pay shareholders a dividend of N272 billion.
The billionaire is expected to receive about 90% of this dividend.
Facts about Dangote’s net worth valuation
The majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.
He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil, and other industries.