Aliko Dangote, the founder of the Dangote Group and the richest man in Africa, saw his wealth estimate moderated amid stock sell-offs record on Dangote Cement.
When Tuesday’s trading session came to a conclusion, the Kano State-born entrepreneur’s net worth was $19 billion and he ranked 80th globally in the Bloomberg Billionaires Index.
Recent price movement on the Nigerian stock exchange showed that Dangote Cement completed the day at N241.00 a share, down 9.06%, thus trading near its 52-week low of N237, causing the billionaire to suffer a daily loss of $863 million.
Investors are relatively cautious about the blue-chip stock despite reports that reveal Nigeria’s largest cement maker, Dangote Cement, recorded revenue growth of 17% to N808 billion in Q2 2022.
Aliko’s net worth can currently purchase 197 million barrels of crude oil or 10.6 million troy ounces of gold in the second quarter.
Dangote Industries, a tightly held corporation, is governed by the wealthiest person in Africa. The Lagos, Nigeria-based business controls Dangote Cement, the largest cement manufacturer in sub-Saharan Africa, with 2021 sales of N1.38 trillion ($3.4 billion). Sugar, salt, oil, fertilizer, and packaged foods are among its other interests.
Dangote’s wealth extension
- The majority of Dangote’s wealth comes from his 86% ownership in Dangote Cement, which is traded publicly. Both directly and via his conglomerate, Dangote Industries, he owns stock in the company.
- Other publicly traded assets owned by Dangote include shares of the United Bank for Africa, Nascon Allied Industries, and Dangote Sugar. Directly and through Dangote Industries, which also controls closely held enterprises engaged in food manufacturing, fertilizer, oil, and other industries, he holds holdings in the publicly traded corporations.
- A fertilizer plant with the ability to produce up to 2.8 million tons of urea annually is his most valuable tightly held asset. Because it is not yet operational, a $19 billion oil refinery that is currently being built in Nigeria is not factored into his wealth valuation by Bloomberg.
- Aliko Dangote received the Commander of the Order of Merit of Niger award a few days ago in Niamey from His Excellency, Mohamed Bazoum, President of the Republic of Niger.
