Home » Africa’s richest man Aliko Dangote sustains $51.9-million loss in 24 hours after gaining $100 million

Africa’s richest man Aliko Dangote sustains $51.9-million loss in 24 hours after gaining $100 million

by Feyisayo Ajayi

Following the previous day’s $100-million surge in his net worth, Africa’s wealthiest man Aliko Dangote has seen a notable decrease in his wealth due to the recent revaluation of his broad industrial assets, which includes a stake in Dangote Cement, the continent’s leading cement manufacturer.

According to the Bloomberg Billionaires Index, Dangote, whose fortune is mainly derived from his 86 percent ownership in Dangote Cement, experienced a $51.9-million decrease in net worth from the beginning to the end of trading on Tues., March 21.

The recent fluctuations in his net worth have pushed his wealth gains in the past 48 hours to a staggering $48.1 million, extending his year-to-date wealth gains to a whopping $944 million.

The impressive surge in his fortune further cements his position as the wealthiest man in Africa and one of the top 100 billionaires globally.

Presently, Dangote’s net worth stands at an astounding $19.6 billion, placing him 81st on the list of the world’s richest billionaires, just behind Indonesian businessman Budi Hartono and Monaco-based Eyal Ofer, both of whom have a net worth of $20.1 and $20.2 billion respectively.

Aliko Dangote to reap $640 million in dividends from stake in Dangote Cement

Dangote is set to receive a staggering dividend of N295 billion ($640.6 million) from his cement company Dangote Cement following an impressive performance in its 2022 fiscal year.

The $640.6-million dividend, which will be paid directly from Dangote Cement’s retained earnings of N969.48 billion ($2.1 billion) as of Dec. 31, 2022, is higher than the annual government expenditures of African countries such as Rwanda, Burkina Faso, and Malawi.

The group reported a 4.9-percent increase in profits from N364.44 billion ($791 million) to N382.31 billion ($830.3 million) due to higher revenue and the successful negotiation of its tax expense down to N142.7 billion ($310 million) from N173.9 billion ($377.7 million) the previous year.

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