Africa’s richest man achieves massive wins on NGX as portfolio surpasses $7.7 billion

Omokolade Ajayi -

Adding to his already impressive gains recorded earlier in August, Nigerian billionaire Aliko Dangote, the reigning wealthiest individual on the African continent, has witnessed a remarkable surge in the market value of his investment portfolio on the Nigerian Exchange (NGX), surpassing an astonishing $7.7 billion.

Dangote’s recent investment journey has been defined by significant growth in his investments. The market value of his portfolio on the NGX has risen by $420 million since August 8. This growth comes after his investment holdings crossed the $7.3-billion mark.

The cornerstone of Dangote’s portfolio lies in Dangote Cement, where he owns an 86.81-percent ownership stake. He further solidifies his financial position through his stakes in Dangote Sugar (72.7 percent) and NASCON Allied Plc (66.5 percent).

In addition, Dangote holds a modest 7.23-percent share in Jaiz Bank, and a minority 0.88-percent stake in United Bank for Africa, led by Nigerian tycoon Tony Elumelu.

The cumulative market value of Dangote’s stakes in publicly listed companies now stands at an impressive N5.94 trillion ($7.7 billion), underpinning his towering net worth of $11.4 billion at the time of this report.

This substantial fortune positions him ahead of his African peers, including South African billionaire Johann Rupert, who holds a net worth of $10.5 billion.

The surge in Dangote’s wealth can be attributed to his investments in diverse sectors. His cement company, Dangote Cement, remains a pivotal driver, with his substantial 86-percent stake contributing significantly to his overall financial prowess.

Equally, noteworthy are the recent gains in his integrated sugar enterprise, Dangote Sugar Refinery, and his salt and savory business, NASCON Allied Industries Plc. Notably, these gains are attributed to the ongoing buzz surrounding the merger of these entities with his rice business, Dangote Rice Ltd.

In the current month alone, the share price of Dangote Sugar has catapulted from N27 ($0.035) to N57.45 ($0.0745), while the share price of NASCON Allied Plc has surged from N32.5 ($0.0422) to N54.1 ($0.0702) at the time of drafting this report.