Nigerian billionaire businessman Aliko Dangote is on the verge of reclaiming his position as Africa’s richest man, as his net worth surged to $11.2 billion, according to Forbes, a U.S. business magazine that tracks the fortune of the world’s ultra-high-net-worth individuals.
The recent bump in his net worth to $11.2 billion brings him close to South African billionaire Johann Rupert, who currently ranks as Africa’s richest man with a net worth of $11.3 billion.
Dangote had recently lost his status as the wealthiest man on the continent following the devaluation of the naira, which caused his net worth to dip below the $10-billion mark. However, in just 41 days, his fortune has soared from $9.9 billion on June 23 to the current $11.2 billion, a remarkable $1.3-billion increase.
The boost in his wealth can be attributed to the performance of his publicly listed companies, including Dangote Cement, Africa’s largest cement maker, Nigeria’s leading integrated sugar company, Dangote Sugar Refinery, and Nascon Allied Industries, his salt and savory business.
The primary driver of his wealth is Dangote Cement, where he owns an 86-percent stake. Since June 23, the company’s share price has surged by 22.4 percent, rising from N287.50 ($0.379) to N352 ($0.467), propelling the group’s market capitalization to N6 trillion ($8 billion) and solidifying its position as the largest listed company on the Nigerian Exchange.
Last week, Dangote Cement reported a single-digit rise in profit for the first half of the 2023 fiscal year, with the recently published financial results revealing a profit surge exceeding $230 million. The company’s profit for the first six months of 2023 grew by 3.78 percent, reaching N178.6 billion ($230.6 million), compared to N172.1 billion ($222.2 million) in the same period last year.
Moreover, the group’s revenue witnessed a significant uptick of 17.67 percent, soaring from N808.04 billion ($1.04 billion) in the first half of 2022 to N950.8 billion ($1.22 billion) during the first half of 2023.
The recent rebound in Dangote’s net worth is a testament to the resilient performance of his diverse business ventures amid challenging economic conditions. As he inches closer to Rupert’s net worth, all eyes are on whether he will soon reclaim the prestigious Africa’s richest title.
