After three weeks of intense trading, Aliko Dangote has made a triumphant return to the helm of the Nigerian Exchange (NGX) as the richest investor, dethroning fellow billionaire businessman Abdul Samad Rabiu.
Billionaires.Africa’s list, published on June 29, initially ranked Nigerian billionaire Abdul Samad Rabiu as the richest investor on the NGX, ahead of Dangote.
However, the latest research shows that Dangote’s well-diversified portfolio, with a keen focus on Dangote Cement, propelled him back to the top.
The surge in the shares of Dangote Cement, Africa’s largest cement company, was the driving force behind Dangote’s resurgence. The company’s shares have seen an impressive rise in recent times, reclaiming its position as the most valuable company on the NGX.
Over the past three weeks, the total market value of Dangote’s equity portfolio on the NGX skyrocketed by over $1.2 billion, surging from $5.8 billion on June 29 to a staggering $7 billion at the time of writing.
Dangote’s portfolio on the NGX includes an 86.81-percent stake in Dangote Cement, a 72.7-percent stake in Dangote Sugar, a 66.5-percent stake in NASCON Allied PLC, a 7.23-percent stake in Jaiz Bank, and a minority 0.88-percent stake in Tony Elumelu’s United Bank for Africa, totaling 301,971,608 ordinary shares.
The share price of Dangote Cement on the Nigerian Exchange has seen a remarkable increase from N285 ($0.362) on June 29 to N352 ($0.447) at the time of writing, pushing the market value of Dangote’s stake in the cement maker above $6.6 billion.
Similarly, Dangote Sugar’s share price has also witnessed significant growth, rising from N25 to N27.5 during the period under review.
Rabiu, not to be discounted, also recorded notable growth in his portfolio on the NGX, primarily driven by his holdings in BUA Cement Plc and BUA Foods Plc.
Since June 29, Rabiu’s stakes in these companies have surged from $6.01 billion to $6.98 billion, marking an impressive $970-million increase in the past three weeks.
The NGX continues to be a battleground for the country’s wealthiest investors, witnessing fierce competition and remarkable fluctuations in fortunes.
As Dangote reclaims his throne, only time will tell if this is the start of a new reign or merely a temporary fluctuation in the ever-changing landscape of wealth on the local bourse.
