Home » Africa’s richest man Aliko Dangote gains back $200 million after losing $1 billion in day

Africa’s richest man Aliko Dangote gains back $200 million after losing $1 billion in day

by Omokolade Ajayi

Nigerian billionaire industrialist Aliko Dangote has seen a $200-million boost in his net worth in the past three days after his wealth dropped by more than $1 billion in a single day due to a 10-percent slump in the shares of his flagship company, Dangote Cement.

Dangote, the wealthiest Black man alive, saw his fortune surge to a seven-year high of $20.3 billion, with the majority of the gains coming from his 86-percent stake in Dangote Cement, Africa’s largest cement maker.

The $200-million wealth bump can be linked to the fresh single-digit rise in the value of his stake in Dangote Cement and Dangote Sugar Refinery, his integrated sugar business.

Research conducted by Billionaires.Africa revealed that his net worth at the opening of trading three days ago, Dec. 13, was $19.1 billion, $1-billion lower than his fortune seven days earlier.

Recent buying actions by value and retail investors who took advantage of the price declines pushed their respective share prices higher by single digits.

The single-digit increase in the share price of his cement and sugar businesses caused his net worth to balloon to $19.3 billion, accruing a net-worth gain of more than $200 million for the billionaire in just three days.

The wealth bump between Dec. 13 and this morning, Dec. 16, pushed his net-worth gains so far in 2021 to $1.46 billion, making him the second African billionaire who has seen his net worth rise by more than $1 billion during the year.

Dangote’s wealth gains in 2021 lag behind the net-worth increase of South African billionaire Johann Rupert, who has recorded a more than $4-billion increase in his fortune since the year began.

His $19.3-billion net worth makes him the richest man in Africa and the 98th wealthiest man in the world.

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