Dangote’s fortune reaches a new high in 2024

From cement to salt, Dangote’s portfolio is booming, with shares surging and net worth now in excess of $17 billion. Nigerian businessman Aliko Dangote, considered Africa’s richest man, is recovering rapidly from a financial loss of $3.6 billion in 2023. In just 17 days of 2024, he has already regained more than $2 billion, mainly thanks to bullish trends on the Nigerian stock market, propelling the market value of all his listed companies.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s richest individuals, Dangote’s wealth has risen by a spectacular $2.02 billion over the past 17 days, consolidating his status as one of the richest people on the planet. Starting from $15.1 billion at the beginning of the year, his net worth now stands at $17.1 billion, rebounding from the significant loss suffered in 2023, which had wiped out the notable gains of 2022 and pushed him out of the circle of the world’s 100 richest people.

This recent rise positions Aliko Dangote as the 110th richest person in the world, bringing him closer to the exclusive group of the world’s 100 biggest billionaires. In October 2023, he had temporarily left this prestigious list, but his meteoric rise since the start of 2024 has put him back at the heart of the world’s financial elite.

ALSO READ: Dangote refinery starts a Commercial fuel production

The increase in Dangote’s wealth to over $17 billion is attributable to the solid performance of the shares of all its listed companies. Its holdings in companies such as Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc all experienced significant growth, as did its investments in Jaiz Bank and United Bank for Africa.

Dangote Cement, its flagship company, has seen its shares climb 41.45% since the start of 2024, from N319.9 ($0.357) to N452.5 ($0.505). This increase propelled the market value of its 86% stake in the leading cement manufacturer to over $7.2 billion. The positive market trend was also reflected in the share prices of Dangote Sugar Refinery and NASCON Allied Industries, which rose by 27.5% and 22.8% respectively, valuing Dangote’s stakes in these companies at hundreds of millions of dollars.

The significant contribution to Dangote’s net worth also comes from its $20 billion oil refinery, which officially began producing diesel and aviation fuel this month. Inaugurated in May 2023, this refinery holds the title of the world’s largest single-train refinery, with an impressive daily capacity of 650,000 barrels.

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