Home » Aliko Dangote to earn $23.64 million in dividends from sugar refinery

Aliko Dangote to earn $23.64 million in dividends from sugar refinery

by Editorial Team

Aliko Dangote took home around $23.64 million (N90 billion) from his majority shares in the Dangote Sugar Refinery (DSR) alone in 2020, where he holds direct and indirect shares amounting to 72.3 percent.  

According to Nairametrics, the billionaire is the single majority stakeholder in DSR, considering his direct and indirect stakes in the business worth about 8,775,541,295 issued shares in the company.

The DSR recorded massive growth in 2020 despite the COVID-19 pandemic. His sugar enterprise’s shares surged from N9.85 ($0.026) on March 16, 2020 to N17.50 ($0.046) at the stock market’s close one year later on March 16, 2021.

The year 2021 has not been remarkably smooth for Africa’s wealthiest man as he records a series of losses since the year began. Between Jan. 7 and 8, Dangote lost $845 million as shares in Dangote Cement closed with a loss following the first tranche of its massive share buy-back program.

By the close of January, Dangote’s fortune fell as he lost N350 billion ($ 1 billion) following the completion of the first tranche of Dangote Cement’s share buyback program. On Jan. 8, Dangote’s wealth fell from $18.5 billion to $17.5 billion.In February, Dangote lost $1.2 billion in paper net worth after investors offloaded Dangote Cement and Dangote Sugar Plc shares on the Nigerian Stock Exchange (NSE).  This reduced his wealth to approximately $16.3 billion. Despite the two companies’ weak performance, they are his two most significant holdings on the NSE.

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