Nigeria’s wealthiest individual Aliko Dangote has achieved yet another milestone as his expansive investment portfolio within publicly listed companies on the Nigerian Exchange (NGX) has crossed the impressive threshold of $7.3 billion. This remarkable feat further cements his stature as the foremost investor in the Nigerian bourse.
According to data tracked by Billionaires.Africa, Dangote’s broad investment portfolio on the NGX, has undergone a remarkable surge in recent times, increasing by more than $290 million from a valuation of $7 billion on July 20.
The market value of his portfolio now stands at an impressive $7.3 billion, a testament to his unwavering influence in the Nigerian industrial sector.
The impressive surge is yet another feather in the cap of his billion-dollar fortune, emanating from several companies under the aegis of the Dangote Group, a conglomerate acclaimed as Africa’s most diversified manufacturing powerhouse.
Dangote’s NGX portfolio boasts an 86.81-percent ownership stake in Dangote Cement, a 72.7-percent controlling stake in Dangote Sugar, and a 66.5-percent interest in NASCON Allied Plc. Additionally, he holds a modest 7.23 percent share in Jaiz Bank, along with a minority 0.88-percent stake in United Bank for Africa, led by Nigerian mogul Tony Elumelu. Cumulatively, these holdings are worth N5.61 trillion ($7.301 billion).
While the cornerstone of his wealth rests within Dangote Cement, where he wields an influential 86-percent stake, recent gains in the shares of his sugar enterprise, Dangote Sugar Refinery, and his salt and savory venture, NASCON Allied Plc, have been particularly notable. This can be attributed to the buzz surrounding a proposed merger of these entities with Dangote Rice Ltd., his rice business.
The consolidation of these businesses is projected to reshape the food and consumer goods sectors, fostering novel growth avenues.
The conglomerate, poised to emerge from this consolidation, will boast a sprawling product line encompassing sugar, rice, salt, vegetable oil, tomato paste, seasonings, and other savory products.
Notably, this latest surge in Dangote’s investment portfolio value above $7.3 billion comes just 19 days after his triumphant return to the summit of the NGX as the richest investor.
This marked his victory over fellow billionaire Abdul Samad Rabiu, who had initially been ranked the richest investor on the NGX, according to Billionaires.Africa’s list published on June 29.
As the leader of the Dangote Group, Africa’s most diversified manufacturing conglomerate, Dangote’s influence extends beyond financial metrics. His innovative ventures have consistently shaped industries and economies across the continent. The ongoing market fluctuations further attest to his enduring impact on Nigeria’s business realm.
